Highlighting the growth of the Saudi Arabian economy in recent years, investment minister Khalid Al-Falih noted that the country is successfully facilitating investors who wish to enter the market which is now exploring non-oil sectors.
Speaking at the Global Entrepreneurship Congress 2022 in Riyadh on March 28, Al-Falih noted that diverse groups of companies are entering the Saudi Arabian market.
The minister said the economy of Saudi Arabia was very much dependent on oil and gas in the earlier days, but now, the nation has opened up investment for everyone.
The Ministry of Investment is attracting and licensing international entrepreneurs, along with providing necessary support to investors and entrepreneurs within the country, the minister added.
Talking about the future of Saudi youth in the business sector, the minister noted: “The economy has already shifted from my generation to the younger generation, and by 2030 we will see younger people and more women in leadership positions.”
The investment minister also talked about the vitality of modernizing the banking sector in Saudi Arabia.
"I respect traditional banks, but they have to realize that if they do not adopt modern technology, they will find strong competition from entrepreneurs at home and abroad, especially from the pioneers of financial technology," said Al-Falih.