Saudi Arabia’s biggest challenge is to diversify its economy farther from oil: Al Ibrahim

Saudi Arabia’s biggest challenge is to diversify its economy farther from oil: Al Ibrahim

Saudi Gazette report CALIFORNIA — The biggest challenge that Saudi Arabia is facing is to diversify its economy farther from oil, the Minister of Economy and Planning Faisal Bin Fadhil Al Ibrahim said. According to Bloomberg, Al Ibrahim said during his speech at the Milken Institute Global Conference that Saudi Arabia aims to increase the shares of the private sector in the economy by 65% from its current percentage levels in the 40s. He added, in the event held in Beverly Hills, California, that the Kingdom also aims to develop several sectors such as advanced manufacturing which would help Saudi Arabia to leapfrog beyond oil. Al Ibrahim confirmed that Saudi Arabia will not shy away from investing in tourism and in the sectors related to this field. "These are sectors that did not exist in the past, and we're trying to catch up," he said. The Kingdom has a very large venture capital (VC) ecosystem that is growing rapidly, he said, adding that the country still has a long way to go, but it is something it prioritizes. Saudi Arabia's desire is to expand away from oil comes amid new measures to attract foreign investment and workers. One of the