HRH Crown Prince Calls for Global Collaboration to Build Resilient Global Economy during Special Dialogue Session at World Economic Forum Special Meeting in Riyadh

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, yesterday led a Special Dialogue session at the World Economic Forum Special Meeting in Riyadh in the presence of global leaders from government, business and academia, where he discussed the current geopolitical and economic challenges facing the world, and the Kingdom’s steadfast efforts to expand global collaboration to help build a more resilient and integrated global economy.
Discussing the challenges of today’s geopolitical environment, HRH the Crown Prince affirmed the Kingdom’s commitment to acting as a stabilizing force in the region, noting that cohesion and cooperation with regional and global partners hold the key to achieving security and prosperity.
HRH the Crown Prince went on to say that by building on decades of robust growth fueled by its energy exports, Saudi Arabia has created diverse opportunities for regional and global investors, providing a gateway to the Middle East and a bridge between developing and developed economies.
In the Special Dialogue, HRH the Crown Prince highlighted the Kingdom’s achievements under Saudi Vision 2030, noting that the Kingdom continues to create transformative investment opportunities in emerging sectors across its evolving economy.
HRH the Crown Prince discussed the comprehensive set of reforms implemented in the Kingdom over the course of the last eight years to enable the private sector to become an engine of growth, referencing the growth of PIF and its intent to become a trillion-dollar sovereign wealth fund.
Discussing Saudi Arabia’s rapidly diversifying economy, HRH the Crown Prince spoke of the Kingdom’s recent milestone: for the first time, Saudi Arabia’s current non-oil GDP represented more than 50% of the country’s total GDP in 2023. HRH the Crown Prince emphasized the importance of investing in research and development, noting that such investment has propelled the growth of national champions including ACWA Power, Ceer and Alat. This creates a foundation for these companies to embed emerging technologies into their business models and further the growth of the sector in the Kingdom. HRH the Crown Prince noted that this has contributed to the rapid growth of the Kingdom’s digital economy, at a rate three times faster than the global growth rate.
HRH the Crown Prince highlighted how Saudi Vision 2030 has touched every facet of life in the Kingdom, creating a flourishing civil society that is improving lives. HRH the Crown Prince noted the vast improvements to quality of life, social mobility and inclusion, with women’s labor force participation having doubled since 2016.
Moving forward, the Kingdom’s global importance as a hub for transit, technology and trade will only increase, facilitated by new economic integration initiatives such as IMEC. Working with global partners, Saudi Arabia is building an economy of the future based on innovation, growth and opportunity.
During the Special Dialogue, HRH the Crown Prince reflected on Saudi Vision 2030 as a journey, not a destination, stating that Saudi Arabia has made significant strides but there is much more to do, creating compelling opportunities for collaboration, growth and development with its international partners.