2023: A year of achievements 
Aligned with the Saudi vision roadmap, 2023 witnessed record achievements in key sectors such as tourism, logistics, industry, mining, fintech and pharma, benefiting both local and international investors.
Last Wednesday, Crown Prince Mohammed bin Salman highlighted the Kingdom’s achievements during 2023 at the opening of the Shoura Council. These achievements include the developmental stage the country is experiencing, including the National Intellectual Property Strategy, the new strategy for King Abdullah University of Science and Technology, the master plan for King Salman International Airport, the master plan for the new Abha International Airport, Warifah project, Marafi project, Soudah Peaks project, Leyja development project in NEOM, Saudi Entertainment Ventures, and Riyadh Air company.
Tourism has experienced a 64 percent growth during the first quarter of 2023, representing the highest quarterly performance historically, in addition to ranking second globally in the growth rate of incoming tourists. The Kingdom’s membership of the G20 signifies an increase in its influential role in the global economy. This is based on a solid industrial economic foundation and a safe environment for investments worldwide.
The International Monetary Fund classified the Saudi economy as the fastest growing among the G20 economies in 2022, with a growth rate of 8.7 percent and a non-oil GDP growth of about 4.8 percent. As a result of the government’s continued efforts to develop financial policy and comprehensive structural regulatory and economic reforms, Moody’s credit rating agency rated the Kingdom at (A1) with a positive outlook.
The Kingdom worked to attract investors based on the strength of its economic base and strategic location connecting three continents. Ministry of Investment officials have visited almost every country with a highly effective global roadshow.
The Public Investment Fund had its share of achievements during 2023, including launching the Investment Events Fund and Asir Investment Co. and establishing five regional companies. The fund’s pivotal role in diversifying the economy through projects and spending SR150 billion ($40 billion) annually to support local content was significant.
As a vote of confidence, Riyadh was chosen to host Expo 2030 as an ideal venue for the world’s most prominent international forum. Our annual BMG Economic Forum at the London Stock Exchange, planned for July 3, will be themed “The World in Riyadh.” We are leaving 2023 and entering a new year with Allah’s blessings, with another set of key achievements. I wish everyone a safe, peaceful and healthy 2024.
- Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
