In a quest for more efficient utilization of its resources, Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, conveyed the kingdom’s strategic approach during the World Economic Forum in Davos.
During a panel titled Investors of First Resort: Government Inc., Alibrahim articulated the identification of significant yet untapped assets and the intent to harness them in alignment with the nation’s ambitions.
The discussion, steered by WEF Managing Director Saadia Zahidi, engaged various prominent figures, including President Tharman Shanmugaratnam of Singapore, examining the impact of governmental investment on the economic scene worldwide.
Alibrahim highlighted the recognition by governments of the imperative to more dynamically leverage their assets and expertise, a realization sharpened by recent global challenges. He emphasized the necessity of collaborating with the private sector to meet national aims.
He underscored the importance of adopting a long-term perspective to address global challenges such as climate change and to foster technological breakthroughs.
Touching upon Vision 2030, Saudi Arabia’s comprehensive blueprint for economic reform and societal transformation, the minister emphasized the significance of investing in human resources, including educational, healthcare, and international alliances. He cited the Kingdom’s effective partnership with Singapore in bolstering public sector proficiency as a case in point.
“Saudi Arabia has a playbook that is capturing global attention, characterized by audacious initiatives, experiential learning, and international cooperation,” Alibrahim remarked.
He spotlighted the Public Investment Fund as a key instrument in deploying dormant assets towards national progress, with its concerted focus on both financial returns and fostering development.
“We aimed to hasten our diversification efforts robustly. We established conducive conditions across various sectors,” he explained.
He mentioned that prioritizing 13 sectors was essential to creating profitable environments. The Public Investment Fund injected unprecedented capital in 2023, surpassing $35 billion.
Alibrahim wrapped up his discourse pointing out the critical role of global collaboration in sectors such as renewable energy and the shared responsibility in spearheading technological innovation for the future.