Structural reforms in Saudi Arabia’s economy to continue: Finance minister  

Saudi Finance Minister Mohammed Al-Jadaan said that continuous implementation of the ambitious plan is necessary for the Kingdom to catalyze its economic growth and maintain fiscal sustainability.  Photo/Supplied
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Updated 01 October 2023
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Structural reforms in Saudi Arabia’s economy to continue: Finance minister  

RIYADH: Saudi Arabia will continue its fiscal and structural reforms as the Kingdom is steadily embarking on its economic diversification journey in line with the goals outlined in Vision 2030, said a top government official.  

Saudi Finance Minister Mohammed Al-Jadaan said that continuous implementation of the ambitious plan is necessary for the Kingdom to catalyze its economic growth and maintain fiscal sustainability.  

The minister added that the government program will help Saudi Arabia develop promising economic sectors, enhance investment attractions, stimulate industrial growth, raise the percentage of local content and promote non-oil exports, according to the pre-budget statement from the Ministry of Finance.  

“The Kingdom continues to support social protection programs and shows continued progress toward the objectives of the Fiscal Sustainability Program,” said the ministry in the pre-budget statement.  

It added: “These objectives were achieved by directing expansionary spending to accelerate the implementation of major programs, projects and sectoral and regional strategies to contribute toward gross domestic product growth, attract investments, and stimulate the local economy.”  

According to Al-Jadaan, Saudi Arabia remained financially resilient over the past few years when the world faced economic headwinds for various reasons, including the COVID-19 pandemic and geopolitical tensions.  

He further pointed out that the Kingdom is well equipped with strong government reserves and sustainable levels of public debt that can accommodate any crises that may occur in the future.  

The minister noted that Saudi Arabia’s agile nature of additional spending will help the Kingdom to have control in the medium term, allowing an extension of implementation periods for projects and strategies.  

Al-Jadaan added that Saudi Arabia’s sovereign wealth fund is crucial as the Kingdom is pursuing its economic transformation program.  

The Public Investment Fund has spearheaded this economic diversification journey by investing in various strategic sectors.  

According to the fund’s annual report, it currently holds assets worth SR2.23 trillion ($595 billion).  

The fund has established 70 companies, 25 of them, including Saudi Coffee Co. and Halal Products Development Co. were founded in 2022.  

PIF’s annual report added that these companies offered 1,81,000 jobs in 2022. 


Qatar sees 81% surge in venture capital investment in 2025 

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Qatar sees 81% surge in venture capital investment in 2025 

RIYADH: Venture capital investment in Qatar rose 81 percent year on year in 2025 to 214 million Qatari riyals ($58 million), new figures show. 

The annual venture capital report, issued by Qatar Development Bank in collaboration with research platform MAGNiTT, highlights the Gulf state’s growing role as an attractive investment hub in the Middle East and North Africa region. 

It indicated that venture activity in 2025 was concentrated in early-stage deals, which accounted for 61 percent of total investment value. 

This supports Qatar’s startup strategy aimed at building a knowledge-based economy, diversifying away from hydrocarbons, and achieving between 2 and 4 percent gross domestic product contribution from startups by 2033.  

The strategy includes fostering innovation, creating 40,000 new jobs, and establishing Doha as a regional hub for fintech, artificial intelligence, sports tech, and sustainability. 

Abdulrahman bin Hisham Al-Suwaidi, CEO of Qatar Development Bank, said: “At QDB, we continue our leading enabling role in venture capital in Qatar. Our direct and indirect investments and commitments through our investment arm have reached approximately 390 million riyals since its inception.”  

He added: “We are also proud of the remarkable progress achieved by the private sector, whose participation, alongside international investors, constituted 86 percent of the total value of venture capital investments in the country.” 

The CEO said QDB will continue strengthening Qatar’s regional and international standing as a destination for global investors and funds, supporting increased investment in priority sectors in line with the Third National Development Strategy 2024–2030.  

Qatar ranked fourth in the Middle East and North Africa region in both deal count and total venture funding in 2025, representing about 5 percent of regional transactions, the report said. QDB’s investment arm was the country’s most active investor, participating in 11 of 33 recorded deals. 

Fintech was the busiest sector by volume, accounting for 33 percent of transactions, up 22 percent from a year earlier, reflecting the impact of initiatives led by the Qatar Fintech Hub. Transport and logistics attracted the largest share of capital, raising 80 million riyals, a 716 percent increase driven by a small number of large transactions. 

Philip Bahoshy, CEO and founder of MAGNITT, said: “The report demonstrates the significant progress made by the venture capital sector in Qatar during 2025, highlighting the remarkable development Qatar is witnessing annually within the regional and global investment and entrepreneurial community.” 

He added: “This progress is evident both in terms of data and through the large-scale specialized events hosted by the country, most notably the Web Summit. QDB’s role in this regard is undeniable, as it has played a major role in supporting the venture capital ecosystem in Qatar.”