RIYADH: Saudi Arabia’s role in global business discussions is set to elevate as Abdulrahman Al-Fageeh, CEO of Saudi Basic Industries Corp., also known as SABIC< will lead the Kingdom’s delegation at the Business 20 Summit 2023.
The summit is scheduled to convene in New Delhi, India, from Aug. 25 to 27.
Al-Fageeh and the Saudi delegation will represent the Kingdom’s business interests as they engage with counterparts from the world’s top 20 economies, according to a report from the Saudi Press Agency.
Established in 2010, B20 is the official G20 dialogue forum for the global business community.
“This is an opportunity for the Saudi business community to be a voice for the region and the developing world. We will address critical global challenges that are shaping the future of business and our economies,” said Al-Fageeh.
He added: “I am honored to be entrusted with leading this delegation to India and I am excited to promote Saudi business community as an investment destination with business leaders from around the world.”
Al-Fageeh noted that Saudi Arabia and India’s business communities are on a growth path with common interests in building sustainable, inclusive, and diverse economies. He added that participation in the B20 Summit is expected to foster collaboration between Indian and Saudi Arabian companies.
During the event, Al-Fageeh will also take part in a panel discussion focused on environmental, social, and governance practices.
Saudi Arabia’s economy is gaining international attention for its rapid growth, standing out as one of the fastest-growing among G20 nations. In 2022, the country’s gross domestic product surged past $1 trillion, surpassing its G20 counterparts, a report from the Kingdom’s Ministry of Economy and Planning showed.
Driven by the Saudi Vision 2030 initiatives, the nation has implemented successful programs and structural reforms to attract foreign investments. In 2022, foreign investments in Saudi Arabia increased by 2 percent year-on-year, reaching SR2.4 trillion, underscoring the country’s ascent as a global investment hub.
