Saudi Arabia in good position for sustained economic development, minister tells OPEC Fund

Saudi Arabia’s accumulated savings, rich natural resource base, and state capabilities put it in a good position to pursue sustained economic development, according to the finance minister.

During the OPEC Fund Development Forum and Ministerial Meeting, held from June 25 – 26 in Vienna, Mohammed Al-Jadaan acknowledged the challenges low-income developing nations face while noting that each country’s actions drive sustained economic development over time, the Saudi Press Agency reported.

This falls in line with the Kingdom’s strong commitment to being a global leader in sustainable development as well as the fact that the nation’s government is the largest provider of official development assistance in the Gulf region in terms of volume.

During the meeting Al-Jadaan also noted Saudi Arabia’s efforts to boost non-oil revenues and diversify its economy strategically, as part of Vision 2030, which targets opening up new sectors that provide the foundation for sustainable growth in production and non-oil exports.

The minister further highlighted efforts to bolster female workforce participation, enhance education and training for Saudi youth, and improve the private sector investment ecosystem, including support for small- and medium-sized enterprises.