Latest news with #FaisalAl-Ibrahim
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Saudi Arabia concludes participation in UN High-Level Political Forum 2025 on sustainable development
Saudi Gazette report NEW YORK — Saudi Arabia concluded its participation in the 2025 United Nations High-Level Political Forum on Sustainable Development, which brought together nations to review global efforts and progress toward achieving the Sustainable Development Goals (SDGs) outlined in the 2030 Agenda. The forum ran from July 14 to 23 at the UN headquarters in New York. The Saudi delegation was led by Minister of Economy and Planning Faisal Al-Ibrahim and included representatives from nine government entities: the Ministries of Economy and Planning, Foreign Affairs, Health, Human Resources and Social Development, and Environment, Water and Agriculture; the Saudi Fund for Development; Madinah Development Authority; the National Center for Wildlife; and the Quality of Life Program. In his remarks, Minister Al-Ibrahim highlighted Saudi Arabia's rapid progress on sustainable development indicators within the G20 over the past decade, attributing it to Vision 2030, which he described as a national project born from the aspirations of the leadership and the Saudi people. "Vision 2030 has enabled the Kingdom to become the fastest-progressing G20 country in SDG indicators over the last 10 years," Al-Ibrahim said. "This progress reflects the power of aligning ambition with structured action, strong political will, and effective policies." He also pointed to innovative local initiatives, such as the launch of the Sustainable Development Atlas by Madinah City, which covers all 70 of its neighborhoods and supports evidence-based policy design through comprehensive data mapping and scenario modeling. Saudi Arabia's water sustainability efforts were spotlighted as the Kingdom was recognized by the UN Water Committee for its clear progress on SDG 6 (clean water and sanitation), particularly in integrated water resources management. The Ministry of Environment, Water and Agriculture presented key lessons learned in securing water sustainability in one of the world's most arid regions during a dedicated side event. Additionally, the Ministry of Economy and Planning, in collaboration with the Ministry of Human Resources and Social Development, the Quality of Life Program, and the Madinah Development Authority, organized a side event focusing on cross-sectoral integration, institutional capabilities, and innovation to accelerate progress toward the SDGs. The Saudi Fund for Development (SFD) also participated with an informational pavilion showcasing its contributions to global sustainable development through the financing of projects in health, education, energy, infrastructure, industry, and mining. On the sidelines of the forum, Minister Al-Ibrahim held a series of bilateral meetings with senior officials to explore opportunities for strategic partnerships, economic cooperation, and investment. The High-Level Political Forum is held annually under the auspices of the UN Economic and Social Council and serves as a key platform for tracking SDG progress since its inception in 2012.
Saudi Gazette
7 days ago
- Business
- Saudi Gazette
Saudi minister calls for global reform, highlights Vision 2030 as G20's fastest development driver
Saudi Gazette report NEW YORK — Saudi Minister of Economy and Planning Faisal Al-Ibrahim affirmed that Vision 2030 has made Saudi Arabia the fastest-advancing G20 nation in sustainable development indicators over the past decade. Speaking at the 2025 UN High-Level Political Forum in New York, Al-Ibrahim emphasized the urgency of deep, action-driven reforms as the world approaches the 80th anniversary of the United Nations. 'Progress alone is not enough,' he said, warning that development confined to intentions fails to drive real change. He stressed the need for a sharper global focus on urgent priorities, with impact-oriented strategies that deliver tangible, sustainable outcomes. Revisiting a call Saudi Arabia made at last year's forum, Al-Ibrahim reiterated the Kingdom's proposal for a new development framework built on three principles: channeling resources toward the most pressing challenges, designing scalable and adaptable solutions across national contexts, and grounding decisions in robust, evidence-based data. He announced that Saudi Arabia has launched a new national sustainable development blueprint rooted in local innovation, citing the Medina Sustainable Development Atlas as a global model. The atlas covers all 17 neighborhoods in the city, offering policymakers access to detailed, scenario-based data to guide strategic planning. Al-Ibrahim pledged continued collaboration with global partners to turn commitments into outcomes and ambitions into reality, adding: 'What the world lacks today is not ambition, but focus, cooperation, and bold implementation.' He concluded by affirming that achieving results is within reach—urging stakeholders to build on past progress with renewed momentum.
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Al-Ibrahim: Saudi Arabia develops smart legislation and digital systems to meet needs of investors
Saudi Gazette report RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim emphasized that Saudi Arabia is now opening its doors to the world and has a roadmap in line with Vision 2030. "The Kingdom has developed smart legislation and digital systems to meet the needs of international investors. There are significant changes not only in the regulations and laws governing investment and business, but also in the way business is conducted, adopting smart systems, digital transformation, and regulations focusing on attracting investment," he said while addressing the Saudi-Spanish Business Forum in Riyadh on Thursday. Al-Ibrahim said that Saudi Arabia is advancing toward global competitiveness and a knowledge-based economy. "Since the launch of Vision 2030, private investments in non-oil sectors have grown by 70 percent, fueled by over 900 economic and structural reforms that have boosted investor confidence and streamlined the business environment. This is in addition to issuing more than 36,000 business licenses," he said noting that there are more than 6,000 companies operating in the Kingdom. Referring to the Saudi – Spanish investment relations, Al-Ibrahim said that there have been investments exceeding $3 billion over three decades, with more than 200 Spanish companies operating in the fields of healthcare, agriculture, real estate, and digital technology. "These numbers reflect the strength and momentum of the growing partnership between the Kingdom and Spain, as Spanish expertise plays a vital role in the Kingdom's transformation," he said, adding that the forum aims to explore new opportunities, strengthen partnerships, and formulate further cooperation, with the goal of creating added value across various sectors. The visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero also addressed the forum, which saw the participation of more than 300 Saudi and Spanish officials and investors. The forum was organized by the Federation of Saudi Chambers of Commerce in collaboration with the Ministry of Economy and Planning and the Ministry of Investment. Earlier on Wednesday, Caballero co-chaired the fourth session of the Saudi-Spanish Joint Commission. The Saudi-Spanish Joint Commission is centered on the shared commitment to fostering a prosperous future partnership, grounded in mutual economic interests and strengthening trade and investment relations between the two countries. Al-Ibrahim andSeveral current and upcoming initiatives were discussed, with a focus on enhancing economic, social, and cultural ties between the Kingdom and Spain. These initiatives highlight the strength of relations and the mutual commitment of both sides to expanding cooperation across various sectors.
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Saudi-Spanish business forum kicks off in Riyadh
Saudi Gazette report RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh. Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors. Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history. He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment. Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years. He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said. Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors. He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services. Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides. It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Oil is no longer our budget engine, says Saudi minister
Saudi Gazette report DOHA — Minister of Economy Faisal Al -Ibrahim has said the Saudi economy has always been ready for various oil price scenarios. Speaking at the Qatar Economic Forum in the Qatari capital Doha. Al -Ibrahim added, "The oil is no longer what drives our budgets, but our priorities are the engine." The results of the quick estimates projected by the General Authority for Statistics (GASTAT) in Saudi Arabia for the first quarter of 2025 showed the real GDP growth by 2.7%, compared to the first quarter of 2024. It also stated that this growth was due to the increase in non-oil activities by 4.2%, and government activities achieved a growth of 3.2%, while oil activities witnessed a decrease of 1.4% on an annual basis. The local product achieved a growth of 0.9% in the first quarter of 2025, compared to the fourth quarter of the previous year 2024, and this came as a result of the increase in government activities by 4.9%, in addition to the growth of non -oil activities at a rate of 1.0%, while oil activities witnessed a decrease by 1.2% on a quarterly basis. GASTAT stated that a comprehensive update made it showed an increase in the estimates of GDP for the year 2023 by 14.1%, an increase of SR566 billion compared to the previously published estimates for the same year, to reach the size of the gross domestic product after the update S 4.5 trillion. Also, a higher relative contribution to the non -oil economy amounted to 53.2%, an increase of 5.7% over the previous results, affected by the high volume of economic activities for small and medium enterprises compared to previous estimates. Construction activities increased by 61%, as well as wholesale and retail trade, restaurants and hotels by 29.8%, in addition to transportation, storage and communications activities by 6.25%, as well as an increase in the size of a number of other economic activities.
