Saudi Arabia’s finance minister believes the country’s savings, natural resources, and state skills make it well-positioned for long-term economic development. During the OPEC Fund Development Forum and Ministerial Meeting in Vienna on June 25-26, Mohammed Al-Jadaan acknowledged the challenges faced by low-income developing nations and emphasized the importance of each country’s actions in driving long-term economic development, according to the Saudi Press Agency.

Saudi Arabia’s wealth, natural resources, and state skills make it well-positioned for long-term economic growth. Sustainability is a key component of Saudi Arabia’s Vision 2030 and the Kingdom’s commitment to achieving net-zero emissions by 2060. KAUST is committed to the Kingdom’s Vision 2030, contributing to its aims in two important areas: renewable and clean energy, and environmental protection, preservation, and enhancement.

This is consistent with the Kingdom’s strong commitment to being a worldwide leader in sustainable development, as well as the fact that the national government is the largest source of official development assistance in the Gulf area by volume. During the discussion, Al-Jadaan emphasized Saudi Arabia’s strategic efforts to diversify its economy and increase non-oil revenues as part of Vision 2030. The goal is to open up new industries for long-term growth in production and exports.

The minister also emphasized initiatives to increase female labor participation, improve education and training for Saudi youth, and strengthen the private sector investment environment, including support for small and medium-sized businesses.

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