Latest news with #FaisalAlIbrahim
Zawya
23-05-2025
- Business
- Zawya
Saudi Arabia develops smart legislation and digital systems to meet needs of investors: minister
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, Al-Ibrahim and Caballero co-chaired the fourth session of the Saudi-Spanish Joint Commission. Several 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. 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. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
22-05-2025
- Business
- Argaam
Saudi Arabia Has smart laws, digital systems for investors: Minister
Planning Minister Faisal Al-Ibrahim said Saudi Arabia is opening its doors to the world with smart legislation and digital systems designed to meet the needs of global investors. He said more than 900 legislative reforms have been implemented, transforming not only regulations but also the way business is conducted to create a partnership-driven investment environment. Al-Ibrahim called on Spanish investors to take part in the 'second chapter' of Saudi-Spanish cooperation. Since the launch of Vision 2030, over 36,000 business licenses have been issued and more than 6,000 companies established. He added that Saudi Arabia is building a future-focused investment landscape across multiple sectors and holds a leading role in digital transformation. The goal, he said, is to explore new opportunities and strengthen partnerships to deliver added value.
Zawya
21-05-2025
- Business
- Zawya
Oil is no longer our budget engine, says Saudi minister
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.
Argaam
20-05-2025
- Business
- Argaam
Saudi Arabia seeks oil market stability: Minister
Minister of Economy Faisal Al-Ibrahim said oil is no longer the primary driver of Saudi Arabia's budget. Speaking during a panel at the Qatar Economic Forum, Al-Ibrahim noted that the Kingdom consistently strives for long-term stability in oil markets. He noted that this requires a continuous flow of investments to ensure the supply the world needs. The minister added that the Kingdom's economy is always prepared for various oil price scenarios and the country has multiple strategies that enable it to adapt to long-term shifts. A new form of globalization is emerging, and the global economy now requires strong local economies, Al-Ibrahim said, adding that weak domestic economies have a negative impact globally.
Arab News
15-05-2025
- Business
- Arab News
Saudi Arabia aiming to foster innovation and global collaboration, says economy minister
RIYADH: Saudi Arabia aims to foster a dynamic private sector, create jobs for its citizens, and attract international talent as part of its Vision 2030 strategy, according to a top official. Speaking during an interview with Fox News on the sidelines of the Saudi-US Investment Forum, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom has embarked on a transformative path to unlock its potential and shift its growth narrative beyond oil. The forum was held on the occasion of US President Donald Trump's visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures. Al-Ibrahim said: 'We want a private sector that's dynamic. We're a young population, but in about 20, 25, 30 years, we'll start the aging process. What we should look like at that stage is a government and a private sector and a third sector, and academia that is leveraging fully generative AI and other technological tools toward productivity.' He added: 'But also that has created jobs for a lot of Saudis, and has been able to, in the process, attract a lot of talent to come to Saudi to make Saudi Arabia their home.' The minister emphasized that diversification has already begun to yield results, with sectors such as tourism, culture, and technology, as well as sports and artificial intelligence, contributing significantly to gross domestic product. 'We would love to be competitive in a large and vibrant consumer market, such as that in the US,' the minister said, highlighting the Kingdom's increasing connections with global markets, especially American capital markets. Al-Ibrahim noted that the non-oil gross domestic product has surpassed 50 percent for the first time, but cautioned against complacency. 'We're not over-celebrating that, but we're acknowledging this as a milestone. What we want to see is more non-oil exports growing. More non-oil exports of our manufacturing, GDP,' Al-Ibrahim said. The minister also emphasized the importance of service sector quality, adding: 'We want to see user experience in the services side, especially on the tourism side, second to none. Still have a lot of work to do.' He noted that both Crown Prince Mohammed bin Salman and President Donald Trump have spoken of 'peace and prosperity' as tools to address global challenges, reinforcing the Kingdom's alignment with international efforts toward stability. 'We've seen what dialogue has led to in terms of the US and UK deal, US and China deal, and what Saudi has led to also through dialogue in the region,' the minister added. On regional developments, he commented on the US decision to lift sanctions on Syria and its potential impact. 'Something as strong and meaningful and material as lifting sanctions could help a country such as Syria to invest more capital in building the institutions they need to be a more stable country, but also bring more stability to the region and be a force for good,' Al-Ibrahim said. Describing the relationship between the crown prince and President Trump, the minister added: 'I see common values between both leaders, regardless of age and background, and I think that's one of the things that really brings the mutual respect into the public eye.' Addressing skepticism about the Kingdom's evolution, the minister concluded: 'Saudi Arabia is a long-term reliable partner, if you ask anyone who has dealt with the Kingdom, government, people, anyone who has visited here ... Saudi Arabia has always been and always will be a force for good, for innovation.'
