‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate.
Updated 13 December 2018

‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

  • The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom

RIYADH: The Saudi economy is standing strong and it is supported by a competitive environment, said a senior official of the Saudi Arabian General Investment Authority (SAGIA).
Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate, was speaking at the Sixth Saudi Trade Finance Summit, which began on Wednesday in Riyadh.
Al-Otaibi delivered a speech on “Unlocking the potential of the Arab world’s largest economy” in which he reviewed the objectives and role of SAGIA with a particular reference to Vision 2030.
The SAGIA official also highlighted the recently introduced reforms in the investment environment to support the business sector in the Kingdom.
Al-Otaibi said Saudi Arabia is moving rapidly toward achieving its goals as envisaged in Vision 2030. The goals, he added, include an increase in foreign direct investment in the Kingdom, diversification of sources of income and leveraging its unique attributes as the heart of the Islamic world and the link between three continents.
The official said the Kingdom is taking all steps to make small and medium enterprises (SMEs) the main engine for economic development in the Kingdom.
Due to the recent measures and reforms the SMEs in the Kingdom are witnessing a spurt in growth and job creation, he added.
SMEs are considered a key partner in the development of Saudi Arabia.
One of the important actions in supporting these companies is the establishment of the General Authority for SMEs (Monshaat), which aims to increase the contribution of such businesses in the economy. Monshaat aspires to contribute to innovation, facilitate funding and create jobs for Saudi males and females.
The government has put in place stimulus packages of up to SR200 billion ($53 billion) until 2020 under the Fiscal Balance Program, one of the central initiatives for realizing the Kingdom’s Vision 2030 reforms.
The PIF, the Kingdom’s sovereign wealth fund, has also supported the sector by setting up a SR4 billion fund ($1 billion) that will give SMEs access to capital. The “fund of funds,” as it is known, will invest in venture capital and private equity funds targeting the SME sector.
A privatization program also encourages the private sector to own or manage state-owned assets and to take over public services currently provided directly by the government.
SMEs are important to all economies around the world and will specifically play a major role in the non-oil-reliant Saudi economy. SMEs contribute to the economy by generating employment opportunities for the Saudi people and fostering economic empowerment for the youth and women. This will help in achieving the Vision 2030 goals of decreasing unemployment from 11.6 percent to 7 percent and increasing female participation in the workforce from 22 percent to 30 percent.
The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom.
It also promotes a business environment based on customer service by measuring the satisfaction of investors with the services offered to them.


Khalid Al-Dabbagh, Aramco executive

Updated 2 min ago

Khalid Al-Dabbagh, Aramco executive

  • Al-Dabbagh received his bachelor’s degree from the University of Toledo in industrial engineering
  • He has also completed several executive leadership programs

Saudi Aramco’s board of directors appointed Khalid H. Al-Dabbagh as the senior vice president of finance, strategy, and development on Sept. 1, 2018. 

Al-Dabbagh received his bachelor’s degree from the University of Toledo in industrial engineering.

He has also completed several executive leadership programs, including at the London Business School.

Throughout his career Al-Dabbagh, has held important positions. He was manager of Saudi Aramco’s crude oil sales and marketing and director of joint venture development and support.

In 2003, he became the president and CEO, a position he maintained until 2006. He was also acting executive director of marketing, supply, and joint venture coordination.

In September 2008, he became the manager of business analysis department at corporate planning.

In February 2010, he became acting head of treasury and then after nine months he assumed the full role.

In January 2012, he became the controller of the company’s finances. He was also responsible for Saudi Aramco’s global accounting activities, issuance of the annual financial report and the maintenance of effective internal controls.

Al-Dabbagh also oversaw annual operating and capital budgeting processes, and the evaluation of proposed investments by the company.

He also represents Saudi Aramco on the Board of Governors of the GCC Board of Directors Institute.

On Aug. 12, Saudi Aramco proved itself the most profitable company in history with financial figures that beat all its competitors.

There was speculation about Aramco buying a 20 percent stake in the business for about $15 billion, but Al-Dabbagh declined to confirm and said talks with Reliance were at “an early stage.”

He was speaking on a conference call with investment analysts in which he revealed that the upgrade to the Kingdom’s east-west pipeline, aiming to increase capacity from 5 million to 7 million barrels per day amid security concerns in the Arabian Gulf, would be finished next month.