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Saudi Arabia is developing new sectors to attract investors

The Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, confirmed that the Kingdom is attracting foreign direct investment because of its efforts to create meaningful opportunities for investors, including expansion in new sectors.

During a seminar moderated by colleague Lara Habib in Davos, Al-Ibrahim said, “We have four new sectors, which are sports, entertainment, tourism and culture. We also have sectors that are being revitalized in a new direction, such as mining. We held the second edition of the mining forum last week, and we note strong growth for this sector.”

He added, “We must not forget the Saudi Green Initiative, as we want to maintain our position as pioneers in the field of conventional energy and clean energy.”

Al-Ibrahim continued: “Saudi Arabia and (Aramco) are the most environmentally friendly in terms of emissions from oil production and all associated activities, but also in new and clean energy, we announced through the Saudi Green Initiative and the Middle East Green Initiative many of these efforts.”

And the Saudi Minister of Economy and Planning stated that the Kingdom has the cheapest cost of producing wind and solar energy and the largest green hydrogen plant that is currently being built with international partners in NEOM, indicating that opportunities are growing, as there are 186 billion to make the economy green and this is a source of strong growth.

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