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Saudi Investment Minister Hails Qatar’s Achievements

Saudi Investment Minister Hails Qatar’s Achievements

The Minister of Investment of the Kingdom of Saudi Arabia Khalid bin Abdulaziz al-Falih praised the achievements made by the State of Qatar over the past decades.

In his speech during a dialogue session Tuesday, titled "Reengineering Globalisation," within Qatar Economic Forum, Powered by Bloomberg, he said: "In every time you come - to Doha - you see an amazing new development. Last year was the apex of that, when Qatar set a new standard for hosting a global event of the scale of the 2022 FIFA World Cup, and it was not only the infrastructure and facilities but also the quality with which it was organised. We are seeing it again today with convening global leaders of governments and business."

Al-Falih thanked the State of Qatar for providing the opportunity to participate in this important global forum, which comes at a time when the world is witnessing further disturbances and divisions in the global system, including geopolitical ones such as the Ukrainian war, and the accompanying disruption in supply chains, that could get worse, especially given restrictions on global trade.

He described the Gulf Co-operation Council (GCC) states as bright, because of their political and economic stability, and the stability of their currencies, in addition to their possession of energy (oil and gas) and capital, and thanks to that they are growing faster compared to other countries of the world, adding that the GDP of these countries is also growing strongly. 

For example, the Saudi economy has registered 31% growth in capital formation, and the Saudi GDP growth was significantly higher than the G20 average and the fastest growing the G20 countries.

Al-Falih added the region possesses important capitals, Gulf growth is a factor of stability for the world, and the city of Riyadh is considered the economic capital of the region, adding: "Within the GCC, we see ourselves as a common market." He pointed out that the competition between GCC states is good and for the benefit of all.

He looked forward to building long strategic relations with various partners, especially in light of the interest of many countries wishing to invest in the region, which has visions, quality, manpower, and a lifestyle that is constantly improving, and this will undoubtedly reflect positively on the entire Arab region.

In the session, which was moderated by Stephanie Flanders, head of Economics & Government, Bloomberg; Secretary of State for Business, Energy and Industrial Strategy of United Kingdom Kemi Badenoch focused on the issue of diversifying sources, and the need to help countries that suffer from weak growth rates around the world.

She added that the UK has long-standing cooperation and extended relations throughout history with the Arab Gulf countries.

"I want to thank everyone for the very warm welcome that I had on my first visit to the region. I'm very privileged to be here and also just post the World Cup, thanking you for hosting a fantastic event," she added.

She said: "The world is changing and I think it would have been wrong for anyone to assume that the way the world was in 1880 or 1980 is the same way it's going to look for the future."

"What we are doing in the UK is making sure that we're able to adapt to the changing circumstances," she added.