Ministers of finance, who took part in the Future Investment Initiative (FII) Forum held in Riyadh on Wednesday, stressed the importance of further diversifying income sources, especially in new sectors, during the post-pandemic period.
These sectors include renewable energy, waste treatment, water and modern technology.
They highlighted the importance of ending dependence on oil revenues in plans to bolster the growth of economies.
Saudi Finance Minister Mohammed al-Jadaan said the Kingdom has begun achieving its 2030 Vision’s objective.
He affirmed that it has successfully passed the coronavirus test with its new regulations and laws that contributed to mitigating the effects of the COVID-19 disease.
Diversifying sources of income is a profitable option for the Kingdom, the minister noted, saying it is currently planning to invest in technology, renewable energy, waste treatment, and other significant sectors.
“Opportunities provided in Saudi Arabia are tremendous,” he said, adding that the youth will be able to invest in future sectors and face the next challenges.
“The Kingdom has raised the spending limit on water, waste treatment and other sectors in 2021, given the importance of these activities, in addition to debt and stock market reforms.”
Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa said 85 percent of his country’s GDP comes from non-oil revenues.
The Kingdom targeted reducing dependence on oil revenues, he said, noting that it succeeded by reaching less than 20 percent.
Former White House Special Envoy to the Middle East Jason Greenblatt, for his part, said Saudi Arabia and other regional countries have managed to overcome the effects of the pandemic through other initiatives and programs.
Thomas Barack, founder and CEO of Colony Capital, stressed the importance of “diversifying sources of income to maintain economic growth in the Gulf States and the region in general.”
Having 75 percent of the youth population in Saudi Arabia stimulates the development of sectors and future economic activities for future generations, he noted.
