At Davos, Saudi Arabia says curbing oil dependency a priority

At Davos, Saudi Arabia says curbing oil dependency a priority

Saudi Arabia is working to reduce its reliance on oil exports, Economy Minister Faisal Al-Ibrahim said Wednesday, as the Middle East powerhouse sent one of the largest delegations to the Davos summit to make its case.

Despite its goal of achieving net zero carbon emissions by 2060, the country remains hugely dependent on crude oil exports that have powered its growth for decades, raising doubts about its potential for an economic makeover any time soon.

"We want to lessen our dependence on oil... We want to diversify our economy, it is important, it is essential," Al-Ibrahim told AFP at the World Economic Forum.

Riyadh has dispatched eight top-ranking officials to the gathering of business elite as it seeks more foreign investment and partners outside the all-important oil sector.

Soaring crude prices following Russia's invasion of Ukraine allowed the kingdom to post in 2022 its first budget surplus in nine years, giving it the financial firepower for economic development.

"It's never too late for sectors that are starting from scratch in Saudi Arabia. Tourism, culture, sports and entertainment -- they are going to bring a wealth of diversification," Al-Ibrahim said.

"But we also care about other sectors like mining and industry for it to be even more