At the World Economic Forum in Davos, Saudi Arabia’s Minister of Economy and Planning highlighted the importance of regional cohesion as a catalyst for economic growth. During a panel discussion, Faisal Alibrahim underscored the necessity of economic integration across Middle Eastern nations, emphasizing the region’s history of overcoming adversity.
Alibrahim remarked, “Even amid challenges, the Middle East consistently finds a silver lining. Each obstacle is met with an equivalent opportunity here. The more unified our economies become, the stronger we’ll stand.”
The minister pointed to the potential for enhancing economic ties, noting that the Middle East has yet to fully capitalize on such opportunities. He referred to the region’s youthful demographic and its strategic global position as untapped assets that could drive further economic progress.
Alibrahim also emphasized the significance of harnessing the vast natural resources present in the region to bolster economic development. He advocated for continuous reform, regardless of the difficulties faced, to maintain the momentum of economic transformation.
“In the Middle East, we witness two distinct categories of countries: those in the midst of transformation and those grappling with challenges. Both groups must persevere; the former must sustain their reforms, while the latter must explore ways to initiate progress,” Alibrahim explained.
He also noted that the Middle Eastern market is intricately linked with the global economy, implying that occurrences within the region can have worldwide ramifications. Alibrahim stated, “The interconnectedness between the Middle East and the global economy is at an all-time high. Events here resonate globally and vice versa.”
On the topic of oil, the Saudi minister addressed the Kingdom’s commitment to stabilizing the crude market, citing recent production cuts as a strategic measure towards this goal. “Saudi Arabia, along with its partners, strives for market stability, which sometimes necessitates production adjustments,” he stated.
Alibrahim also showcased the advancement of Saudi Arabia’s non-oil private sector, attributing significant growth to the Kingdom’s Vision 2030 initiative. “Since 2016, our non-oil economy has expanded by 20 percent, outpacing the growth rates of the EU and the US. We anticipate a total economic growth of 4.4 percent and non-oil sector growth between 4.5-5 percent by 2024,” he added.
Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, who also participated in the panel, shed light on the challenges emerging economies face in securing financing for climate goals. Alaoui conveyed Morocco’s commitment to green, sustainable growth, despite financial obstacles. She highlighted Morocco’s collaboration with the private sector to advance its renewable energy goals, aiming for 50 percent of its energy to be derived from renewable sources such as solar and wind by 2030.