Saudi policy is to build new sectors not related to oil: minister

Saudi policy is to build new sectors not related to oil: minister

RIYADH — Minister of Investment Eng. Khaled Al-Falih emphasized that building new sectors and economies not related to oil is the policy adopted by his Ministry.

Addressing a dialogue session at the second edition of the Saudi Media Forum in Riyadh on Monday, he said that Kingdom’s economic plan is also based on this.

Al-Falih spoke at length about the challenges faced by the global economy, as well as the Ministry of Investment and its achievements, the creative industries and the media.

The minister underscored the resilience of the Saudi economy in withstanding the global crises and disasters, including the coronavirus pandemic.

He underscored the Kingdom’s political and economic stability and flexibility as well as its ability to absorb shocks and overcome crises, in light of the existence of a clear plan and approach, represented by the Kingdom’s Vision 2030.

He noted that the growth of the Kingdom’s economy since 2016, reached about $600 billion, surpassing the $1 trillion mark by the end of 2022.

‘The limited resources in the past, which were confined to value chains related to oil and petrochemical industries, were the obstacles in attracting investors,” he said.

Al-Falih said every sector in the Kingdom has a detailed strategy, and the importance of having