RIYADH: Private sector investment in Saudi Arabia is poised to create “tremendous opportunities” across the digital economy, tourism, financial services, and biotech sectors, said a top minister.
During the second day of the Human Capability Initiative in Riyadh, the Kingdom’s Minister of Investment Khalid Al-Falih highlighted that by the end of this decade, the economy aims to grow two and a half times its pre-Vision 2030 level, with private sector participation increasing from 40 percent to 65 percent.
He said: “Because of that, the size and scale of the private sector will be four times what it was during this decade alone, adding more than $3 trillion of investments to the domestic economy through the national investment strategy and other initiatives.”
The minister underscored that a significant portion of those investments will be in new and developing economic sectors including the digital economy, tourism, and financial and professional services.
Healthcare, pharma, and biotech were also highlighted.
“These sectors will create tremendous opportunities for human capital development, as they will require a completely different set of skills and a fresh worldview and outlook,” said Al-Falih, adding: “The world is undergoing significant structural shifts marked by the energy transition, automation, and digitalization, new and shifting supply chains, and emerging disruptive technology.”
The minister explained that while it may not be possible to predict precisely how much these macro trends will affect human capital and which jobs will be in demand, it is clear they will have a tremendous impact.
“Since the beginning, we’ve seen firsthand what happens when investments catalyze human potential. The 90 years of development in the energy sector, sparked by the Aramco investment, is perhaps the best example but far from the only one,” Al-Falih said.
“So when a new sector emerges, such as renewable energy, fintech, or biotech, the skills gap that arises will be filled through training, upskilling, or, in the case of Saudi Arabia, an open country, by inviting skilled people from around the world to meet that demand. Before you know it, you have an entirely new skill pool ready to be deployed,” he added.
The minister further emphasized that investment is not merely committing capital to a project and deploying monetary funds. Rather, he outlined that investment is the “process of creating value,” which includes unleashing opportunities for individuals, institutions, and society at large.
He lauded investment as the catalyst that drives aptitude and talent development across the workforce, allowing individuals to realize their full potential. This creates new skill pools in society, enabling new and exciting opportunities for further investments.
The minister said: “Let me just emphasize that we are committed to creating what they (investors) are asking for: the best conditions for skills development and lifelong education for promoting innovation and entrepreneurship, and for nurturing start-up clusters and encouraging private sector growth.”
