Planning and Economy Minister Muhammad Al-Jasser has rightly stated that the Kingdom has the capacity to counter any economic challenges on the back of huge investment projects to strengthen its pivotal economic position and continued efforts toward diversification.
The news of GE investing $ 1 billion in the Kingdom the other day indicates the strength of the Saudi economy and more importantly the confidence of the foreign corporations in the Kingdom.
This announcement followed the news of another multinational Philips Electronics signing 50:50 joint venture with Al Faisaliah Group to cater to the health care solutions market. Similarly, the approval of the largest ever loan of $ 5 billion by Exim Bank to help build Jubail Petrochemical complex of Sadara, a joint venture between Dow Chemicals and Saudi Aramco reflects confidence of the international financial institutions.
The past few months have seen a flurry of announcements by the Saudi and foreign investors undertaking mega projects in different sectors, all attracted by the government’s steps to expand and diversify the economy to cater to the burgeoning population and on back of huge surpluses. All of the above investments and projects not only reflect a robust and sound economy but also augur well for the Kingdom to continue its lead in the region and be a part of the G20. — Safi H. Jannaty, Dammam
Resilient economy
