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RIYADH: Saudi Arabia is all set to look at electric vehicles and internal combustion engines as the core of its diversification plans in advanced manufacturing, said Economy and Planning Minister Faisal Al-Ibrahim.
Speaking at the Future Investment Initiative in Riyadh on Tuesday, Al-Ibrahim said the government wants to focus its diversification efforts on products and services exported globally.
“We realize that EVs and internal combustion engines are a nucleus for the creation of a cluster that can trickle down to other industrial and advanced manufacturing venues that we want to open to diversify our economy,” said the minister while speaking at the event.
Al-Ibrahim indicated a need to focus on sectors where knowledge, information and intellectual capabilities played a central role in creating wealth and economic value and directly impacted present-day human resources.
“Esports is another example when you talk about the trickledown effect on programming, coding, and the ability to add value and knowledge transfer in this world,” the minister added.
Discussing the foundation of the Kingdom’s economic structure, Al-Ibrahim attributed Saudi Arabia’s Vision 2030 as the keystone for a secure and flourishing future.
He noted the Kingdom’s remarkable economic surge last year, which outpaced all G20 nations, in tandem with efforts to diversify revenue sources, encapsulates a resilient and forward-looking vision.
Al-Ibrahim emphasized the Kingdom’s ambition to be an investment hub that brings together people and financial capital by utilizing the cleanest hydrocarbon energy and pioneering carbon elimination solutions.
“This platform will accelerate any lost connectivity or collaboration in this changing world,” he added.
During the event, Emaar Properties Mohamed Al-Abbar highlighted the Kingdom’s growth curve, which several nations have now emulated as a viable model.
“If you look back a few years and see the massive change that is happening in the Kingdom, this is a bigger economy with a more complex history and a more complex economy compared to the UAE,” said Al-Abbar.
“What is happening in Saudi Arabia is so motivating for all of us to learn how to move forward with a massive economy,” he added.
He further underscored the significance of the young population and the digital economy. Highlighting that the region boasts one of the youngest populations globally, Al-Abbar asserted the essential role of technology in resonating with this demographic.
Echoing similar sentiments, Al-Ibrahim spoke on youth’s pivotal role and capabilities. He said: “Everything starts with people, and everything we do here is for the people. Saudi Arabia has the youngest population in the world. This talent deserves a lot of stability and opportunity.”