RIYADH: Saudi Energy Minister Khalid Al-Falih on Wednesday quipped his phone had not stopped ringing with calls from investors as the Kingdom ramps up spending to record levels.
He was speaking at a press conference in Riyadh that was also attended by Public Investment Fund (PIF) Managing Director Yasir Al-Rumayyan, and Commerce and Investment Minister Dr. Majid Al-Qassabi.
The trio fielded questions from reporters on Saudi Arabia’s record budget announced on Tuesday.
They stressed that supporting small and medium-sized enterprises (SMEs) was a main theme of this year’s budget with SR72 billion ($19.2 billion) allocated to the private sector — including SR12 billion for SMEs.
Saudi Arabia plans the highest level of government spending in its history next year, when expenditure will hit more than SR1.1 trillion.
Al-Rumayyan said that small businesses were “the major movers” of the country, and outlined plans to help as many as 400 companies based in the Kingdom to go global.
When asked about the impact of the graft crackdown on the economy, Al-Qassabi said corruption had been rampant for decades and it was necessary to eradicate it.
“The rule of law will follow and I think this will attract many investors,” he said. “We have seen the results, and because of that we now have real competition and all Saudis have a fair chance.”
The energy minister agreed that the move had not impacted foreign investors because “they have not been partners in corruption.”
Foreign investors now are running toward investing in Saudi Arabia, Al-Falih told reporters. “My phone hasn’t stopped ringing because of it. Last week we signed many agreements.”
Saudi energy minister says phone has ‘not stopped ringing’
Saudi energy minister says phone has ‘not stopped ringing’
Jeddah students get closer look at electric motorsport
- A PIF-linked initiative highlights technical and engineering careers behind electric racing events
JEDDAH: Students from local and international schools in Jeddah were introduced to STEM-related career pathways in electric motorsport this week, as part of an education program linked to the UIM E1 World Championship held on the Red Sea.
The sessions formed part of Driving Force Presented by the Public Investment Fund, an initiative run by Formula E and its electric racing series partners, to familiarize students aged eight to 18 with science, technology, engineering and mathematics through electric racing and sustainability-focused industries.
The programme took place alongside the 2026 E1 Jeddah GP and included workshops, school visits and trackside access designed to show how engineering, data, broadcast technology and event operations function within professional motorsport.
According to organisers, the initiative reached more than 60,000 students globally in 2025, with further expansion planned this year.
HIGHLIGHTS
• The program took place alongside the 2026 E1 Jeddah GP and included workshops, school visits and trackside access.
• Students learned about E1 races and their technical and environmental dimensions and discussed the engineering and marine aspects of electric boats.
• According to organisers, the initiative reached more than 60,000 students globally in 2025, with further expansion planned this year.
John Williams, managing director at E1, told Arab News: “The PIF is absolutely vital to everything we do here at the E1. They were crucial initial investment partner since the start of the championship and they continue to support us in a number of ways and more specifically around the Driving Force program.”
Elaborating more on the program, he said: “What we are doing is presenting and showing these students the available careers of science, technology, engineering and mathematics, as well as careers in sports, not only pilots but also engineers and mechanics.”
Williams added that the main key to the program was bringing a new generation to the mechanism of sport.
“We are introducing to these exciting new technologies around the race but it could be our technology on the boat or our broadcast products, as well as how to manage the event its self. There are a range of opportunities to show it to the children in addition to enjoying the excitement of the race and meeting the pilots.”
The program’s Jeddah activities began at King Abdulaziz University’s faculty of maritime studies, where students took part in a hands-on workshop focused on STEM careers in the motorsport and sustainability areas conducted by technology experts and famous water pilots such as Dani Clos, Emma Kimilainen and Patricia Pita.
Students learned about E1 races and their technical and environmental dimensions and discussed the engineering and marine aspects of electric boats.
They also enjoyed exclusive behind-the-scenes access at the E1 Jeddah GP, pilot meet-and-greets, and front-row seats to watch the RaceBird boats in action.
