Latest news with #Alibrahim
Kuwait Times
21-05-2025
- Business
- Kuwait Times
Qatar's QIA plans to double annual US investments over next decade
Saudi Arabia ready for multiple oil price scenarios: Alibrahim DOHA: Qatar's sovereign wealth fund (QIA) is planning to at least double its annual US investments in the next decade, its CEO said on Tuesday, after the fund has already pledged to invest $500 billion in the US economy over the next 10 years. President Donald Trump visited Doha last week during his high-profile Gulf tour that focused on major business deals and leveraged rehabilitated relations with a key US ally for investment commitments. He signed agreements with Qatar's Amir Sheikh Tamim bin Hamad Al-Thani that the White House said would generate an economic exchange worth at least $1.2 trillion, and included a $96 billion sale to Qatar Airways. But it did not offer a comprehensive breakdown. When asked on how the fund's annual investment into the US would change since previous years, CEO Mohammed Al-Sowaidi said: 'It increased the pace for sure. So I think some years probably increased by double, some years probably buying more than double what we've been doing for the past five to six years.' Trump helped isolate Doha in 2017, when he lent support to a trade and diplomatic embargo imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, accusing the small but wealthy gas producer of backing terrorism among other charges. Saudi Arabia's Economy Minister Faisal F Alibrahim speaks Doha has since rehabilitated itself in Washington's eyes, leveraging its deep pockets, and Trump's visit was the first by a US president in 23 years. Saudi Arabia is always ready for multiple oil price scenarios, and budgets are driven by priorities, the kingdom's economy minister said on Tuesday. 'We're always ready for scenarios - multiple scenarios, and we have buffers,' Faisal Alibrahim told an audience at the Qatar Economic Forum in Doha. 'We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,' he said. The International Monetary Fund and economists estimate Riyadh needs oil prices of over $90 a barrel to balance its budget. Benchmark Brent prices have been trading in the mid-$60s this month. While Saudi Arabia funds its Vision 2030 reform program off budget, the government needs to spend on mammoth infrastructure projects linked to the program, which aims to wean the economy off its self-declared 'oil addiction'. It is also hosting the Expo in 2030 and the World Cup in 2034. Saudi Arabia, the world's largest oil exporter, was among the largest emerging market debt issuers last year and the government has already raised $14.4 billion in bonds this year. — Reuters
Argaam
01-05-2025
- Business
- Argaam
Saudi Arabia makes major strides in improving quality, accuracy of indicators: Minister
Saudi Arabia has made significant progress in enhancing the quality and accuracy of its indicators, including economic, social, and environmental statistics, Economy and Planning Minister Faisal Alibrahim said on Sunday, adding that the Kingdom's data has become a trusted reference for decision-makers. Speaking at the Saudi Statistics Forum, Alibrahim said the Kingdom's statistical work is undergoing an exceptional phase, which helped Saudi Arabia rank first among Arab countries in the Statistical Performance Indicators and advance 22 positions globally in 2023. Alibrahim said Saudi Arabia will continue developing data platforms, pushing ahead with digital transformation, and making greater use of administrative data, artificial intelligence, and modern technologies. These efforts aim to improve statistical processes, enhance the accuracy of indicators, boost efficiency, and facilitate access to information.
Argaam
17-02-2025
- Business
- Argaam
Saudi Arabia takes bold decision to unlock full economic potential, diversify away from oil: Alibrahim
Saudi Arabia, under the leadership of the Crown Prince, made a bold decision to unlock the full potential of its economy by planning long-term and looking at the big picture to move away from oil dependence, Minister of Economy and Planning Faisal Alibrahim said. The country adopted a constructive approach based on innovative radical change, the minister said during a panel discussion at AlUla Emerging Markets Conference. This approach stimulated innovation from top to bottom in the public sector and opened markets to innovators from within the Kingdom and globally. There is progress and momentum and the Kingdom is on the right track, but the task is not yet complete, he noted. "We will not accept the current situation, in which we see that we are working below our potential, which means that we are losing, and that this loss will accumulate over the years until it affects, in the future, the fundamentals, including family income,' Alibrahim added. The minister also stated that the Kingdom has a high competitiveness that makes it a key part of global value chains. It also has a long-term strategy for artificial intelligence that has been updated to keep pace with recent developments and new challenges.
Trade Arabia
14-02-2025
- Business
- Trade Arabia
Saudi Arabia unveils $1 trillion infrastructure investment plan
Saudi Arabia's non-oil sector is poised for substantial growth over the next two years, mainly driven by the expansion of prime industries, said its economy and planning minister. Faisal Alibrahim was speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, said the ministry in its statement. Addressing the gathering, the minister said infrastructure investments are expected to reach approximately $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies Alibrahim emphasized PIF's central role in economic growth by establishing and funding strategic companies. He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development. The minister stressed that PIF's mission extends beyond financial returns, playing a crucial role in advancing the knowledge economy and introducing innovative business models, said the statement. He also underscored PIF's commitment to developing national talent and human capital. On Saudi Vision 2030, Minister Alibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports. He described the kingdom's economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy, said the statement from the ministry.
Asharq Al-Awsat
13-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia to Invest $1 Trillion in Infrastructure by 2030, Economy Minister Says
Saudi Minister of Economy and Planning Faisal Alibrahim stated that Saudi Arabia's non-oil sector is poised for substantial growth by 2026, driven by the expansion of key industries. He also noted that infrastructure investments are expected to reach approximately $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies, SPA reported. Speaking at the Public Investment Fund (PIF) Private Sector Forum, Minister Alibrahim emphasized PIF's central role in economic growth by establishing and funding strategic companies. He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development. The minister stressed that PIF's mission extends beyond financial returns, playing a crucial role in advancing the knowledge economy and introducing innovative business models. He also underscored PIF's commitment to developing national talent and human capital. On Saudi Vision 2030, Minister Alibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports. He described the Kingdom's economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy. He concluded by reaffirming PIF's pivotal role in fostering public-private partnerships and supporting sustainable growth, ensuring the successful realization of Saudi Vision 2030.
