RIYADH: Saudi Arabia’s non-oil sector is expected to attract investments worth SR260 billion ($69 billion) in the next eight years as the Kingdom moves steadily in line with the goals outlined in Vision 2030, according to Bandar Ibrahim Alkhorayef, Saudi Arabia’s minister of industry and mineral resources.
While speaking at a press conference on the sidelines of the Future Investment Initiative in Riyadh on Oct. 26, Alkhorayef said these investments will help Saudi Arabia’s non-oil exports hit SR170 billion by 2030, and SR230 billion by 2035.
Alkhorayef noted that the Kingdom is eyeing to grow its exports five times by 2035, thus placing the country as a global hub which attracts international players.
According to Alkhorayef, Saudi Arabia’s industrial strategy is characterized by three elements; a national strategy with international targets; a mixture of quality and quantity; and a practical strategy which aims to become both practical and realistic.
“Efficiency is overtaken by resilience, and cheap labors are overtaken by innovation. Saudi Arabia will become a national powerhouse and the main exporter to the world,” said Alkhorayef.
The minister told Arab News the Kingdom is working to attract “large global players” who are looking to break into new territories.
“Our job is to create the right platform, the right regulatory framework, and regulation to develop our human capital to be also suitable for these large brands,” he said.
He added: “The petrochemical (industry) has a great opportunity when it comes to downstream. Also, mining is where we see great opportunities to go down downstream. So I don’t want us to always think about a product only but the product components and also the offering.”
