RIYADH: Saudi Arabia’s private sector is considered to play an important role in the development of the northern province of Hail, according to a top official.
During his weekly session at Aja Palace, Hail Gov. Prince Abdulaziz bin Saad said that the region is witnessing a qualitative shift in economic, investment, and tourism levels.
This was positively reflected in the statistics and number of point-of-sales that witnessed significant growth, the Saudi Press Agency reported.
Hail region plays an essential role in achieving the Kingdom’s goals through its contribution to enhancing food security and developing the tourism sector.
It also aligns with Saudi Arabia’s National Investment Strategy, which aims to drive the growth and diversification of the Kingdom’s economy, working toward several Vision 2030 goals.
These include increasing the private sector’s contribution to gross domestic product to 65 percent, raising foreign direct investment’s contribution to GDP to 5.7 percent, and boosting non-oil exports’ contribution to GDP from 16 percent to 50 percent. Additional goals include reducing unemployment to 7 percent and positioning Saudi Arabia among the top 10 economies in the Global Competitiveness Index by 2030.
“It is good to see this movement in more than one direction to harness the capabilities of the region and its people and highlight its strengths,” Prince Abdulaziz said, adding that “time is not measured by hours but by achievements in which we hope everyone will have an effective and influential role and in the accelerating movement.”
He added: “The scene is accelerating in the region in an amazing way on various levels, and the capabilities that we see today did not exist five years ago, as Hail has become a city pulsating with vitality that rivals the largest cities of this country.”
He said there are many examples of the region’s ability and purchasing power that must be invested in positively.
The governor went on to praise the movement witnessed by the agricultural sector, which placed the region in a nationally advanced position, and the ongoing efforts by the state and its relevant agencies to combat the harmful practice of commercial cover-up, which causes significant economic damage.
Prince Abdulaziz also expressed his aspirations to activate recreational programs and activities directed at all components of the family, and said women play a key role in enriching economic movement and are becoming an influential and effective part of the business sector.
In July, the governor said that Hail is set to attract increased investments due to its strategic and logistical importance.
At the time, Prince Abdulaziz highlighted the pivotal role of the Ministry of Investment in fostering performance that aligns with the nation’s broad growth objectives.
