Saudi Arabia sees private sector surge, unemployment at record low, says finance minister

US Secretary of the Treasury Scott Bessent said the US prioritized its relationship with Saudi Arabia. (SUPPLIED)
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Updated 13 May 2025
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Saudi Arabia sees private sector surge, unemployment at record low, says finance minister

  • Mohammed Al-Jadaan spoke at US-Saudi Investment Forum in Riyadh 

RIYADH: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said on Tuesday the Kingdom had tackled difficult structural changes at an incredible pace over the past seven years.

Speaking at the US-Saudi Investment Forum in Riyadh, Al-Jadaan said private investment as a percentage of gross domestic product could take decades, but Saudi Arabia was boasting growth in the private sector from 16 to 23 percent.

He added: “Saudi Arabia currently has the lowest unemployment rate in the country’s history with about 3.5 percent, and among the nationals the Kingdom achieved its target for Vision 2030 with the rate being 7 percent.”

Al-Jadaan also said there had been major structural changes regarding women’s empowerment.

He said: “Bringing half of your society to the productive part of the economy is significant and that drives a serious change. Moving from 17 percent of women participating in the workforce to 36 percent is a serious structural change.”

Meanwhile, the minister said the Kingdom’s target of 100 million tourists by 2030 had been achieved two years ago, and added: “When you have a leadership that sets a clear vision and mobilizes the nation behind it, the people of Saudi Arabia then own it and see that this is their vision, their country and their transformation.”

US Secretary of the Treasury Scott Bessent said the US prioritized its relationship with Saudi Arabia.

He added: “President Trump’s economic agenda focuses on three parts: trade, tax bills and deregulation.”

Bessent said the US was working to rebalance its economy with the focus on manufacturing, and hoped China would shift to a consumer economy.

Saudi Arabia’s Minister of Investment Khalid Al-Falih welcomed attendees at the event and thanked the Kingdom’s leadership for hosting the event. 

“We are here to realize the intentions of Crown Prince Mohammed bin Salman to broaden Saudi Arabia’s investment and trade in the amount of $600 billion,” he said.


Experts explore ways for AI to preserve heritage, enhance museum visits

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Experts explore ways for AI to preserve heritage, enhance museum visits

  • Ayapi allows users to ask about artwork, historic artifacts and even philosophical ideas
  • Ayapi also adapts to each individual person’s age, background, and language

RIYADH: The advent of artificial intelligence has the potential to enrich the experience of museumgoers, according to two experts who spoke to Arab News.

Josh Horowitz, an adjunct professor at Carnegie Mellon University and software developer, has developed a project that allows people to explore heritage sites digitally.

Real-time data is fed into AI systems to produce “projection-mapped actuated surfaces” for better interaction and documentation of heritage sites.

Horowitz told Arab News: “AI is spreading like wildfire in our daily lives. We need to create an interactive environment where physical space and digital space can yield opportunities and go from narrating community stories to creating these stories.”

Exhibiting at the Digital Heritage Conference in Riyadh on Tuesday was WonderWay, a company that developed Ayapi, which it calls a “pocket museum companion.”

Ayapi allows users to ask about artwork, historic artifacts and even philosophical ideas. Multiple languages are also available.

Helene Alonso, founder of WonderWay and former director of interactive experiences at the American Museum of Natural History, told Arab News: “Everything I worked on pertains to … teaching and following curiosities.”

The inspiration for the project came from wanting to immortalize her relationship with her late father and her desire to document every photograph and memory.

She said Ayapi allowed someone to “walk through a historic site where every object whispers its secrets directly to you.”

Alonso added that using the tool felt like walking along a pathway with a friend who was speaking to you all about the lived experiences of the place and its people.

She said it was a place “where ancient artifacts become storytellers; where global heritage speaks your mother tongue.”

Visitors are encouraged to ask Ayapi any questions, inviting them to open-ended conversations about curated content.

The tool is available in 20 languages so far and is constantly expanding its collection of museum archives.

Ayapi also adapts to each individual person’s age, background, and language.

Alonso said: “As a woman from Venezuela, I see the world in one way, but everyone has their own way of viewing the world.”

She referred to the tool as a “bridge between generations,” and the company claims that 67 percent of people using it reported spending more time observing artwork than they normally would.