RIYADH: Saudi Arabia is seeking better ways to exploit its resources and assets, Minister of Economy and Planning Faisal Alibrahim said at the World Economic Forum in Davos on Wednesday.
“We’ve looked at the vast, valuable yet idle assets and have started thinking about how we can mobilize them for the betterment and in contribution to our national objectives,” he told a panel discussion titled Investors of First Resort: Government Inc.
The event was moderated by WEF Managing Director Saadia Zahidi and featured several high-level speakers, including Singapore’s President Tharman Shanmugaratnam. It looked at how government investment is transforming the global economic landscape.
Alibrahim said governments recognized the need to mobilize their assets and capabilities more effectively, especially in response to recent global crises, and saw the need for greater collaboration with the private sector as vital to achieving national objectives.
A long-term view was critical for tackling issues like climate change and technological innovation, he said.
The minister also spoke about Vision 2030 — Saudi Arabia’s ambitious plan for economic diversification, global engagement and enhanced quality of life — and stressed the importance of investing in human capital, including education, healthcare and international partnerships, such as the Kingdom’s successful collaboration with Singapore on strengthening public sector capabilities.
“Saudi Arabia has a playbook that everyone is looking into, and this playbook is all about bold movement, learning by doing and global collaboration,” Alibrahim said.
He pointed to the Public Investment Fund as a prime example of using idle assets for national development, noting its dual focus on generating returns and stimulating development.
“We wanted to accelerate our diversification quickly. We went in and created the environment in several sectors,” he said.
“We prioritized 13 sectors that created the conditions for profitability. PIF has deployed the largest fresh capital in 2023, over $35 billion.”
He concluded by highlighting the need for international cooperation in areas like green energy and the importance of joint efforts in leading future technological advancements.
