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Mohammed Bin Salman takes part in a virtual meeting of the World Economic Forum on Wednesday, January 13 2021. Image Credit: SPA

Abu Dhabi: Saudi Crown Prince, Deputy Prime Minister and Minister of Defence Prince Mohammed bin Salman participated on Wednesday in a virtual strategic dialogue session of the World Economic Forum, in the presence of more than 160 influential international business leaders and entrepreneurs, representing 28 sectors and 36 countries.

During the dialogue session, the Crown Prince discussed major investment opportunities in the Kingdom, which amount to $6 trillion over the next 10 years, including $3 trillion in new projects, as part of Vision 2030 to unleash the Kingdom’s untapped capabilities and establish new and promising growth sectors.

Bin Salman stated that 85 per cent of this huge economic programme will be funded by the Public Investment Fund and the Saudi private sector, while the remaining portion will be through stimulating foreign capital from the Gulf and rest of the world, to enter into investments in promising sectors and traditional sectors with efficiency.

Bin Salman said the scheme was in light of the Kingdom’s plans to rise to the leadership position in renewable energy, the fourth industrial revolution, tourism, transportation, entertainment and sports, based on the assets and the gains it possesses, appreciating the role of serious and active partners, who provide added value in transferring and localising knowledge and technology and enhancing talent within the Kingdom.

Bin Salman reviewed the achievements made by the Kingdom since the announcement of Vision 2030, in terms of doubling non-oil revenues, empowering women in the job market, raising the level of competitiveness in the business environment, and activating the role of the Investment Fund, the significant improvement made in environmental protection and the Kingdom’s initiative regarding the circular carbon economy, which was approved by the G20 summit chaired by the Kingdom.

The Crown Prince indicated that the Kingdom’s previous achievements in accordance with Vision 2030 came within the rapid transformation and reforms in the past four years, and that those reforms will double in the next 10 years.

He stressed that the year 2020 was full of challenges and that the Kingdom was ready for that, as the transformation journey that was launched a few years ago, took the country to new levels, in economic, governmental and social aspects, and created quality investment opportunities.

He indicated that based on the Kingdom’s leading role in the global economy, it remains keen on international cooperation with partners and friends in the business community and their sharing of these promising investment opportunities, as the prosperity of the Kingdom leads to the development of the region and the world.

Bin Salman stressed the role played by the Kingdom in the framework of promoting development, supporting the stability of the region, and preserving the energy supply market, stressing the continuation of that role in the interest of the region, establishing security and peace, and enhancing economic cooperation.