Adel bin Ahmed Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Affairs Envoy, emphasized the Gulf Cooperation Council (GCC) region’s progress in making its economies more integrated at the World Economic Forum (WEF) Special Meeting in Riyadh. Al-Jubeir stated that the GCC region achieved trade freedom with movement of goods and individuals in recent years. This has positively impacted commercial and investment levels across the region. “We look forward to expanding this to encompass the entire Middle East and North Africa region,” he added.
Vision 2030’s impact
During his participation in a panel session under the title “The Economic Perspectives for the Middle East and North Africa”, Al-Jubeir highlighted Saudi Arabia’s progress in light of its comprehensive strategy, Saudi Vision 2030. Hence, the strategy aims to advance the country’s economy, social aspects and the private sector, and open up new sectors for investment.
He added that Vision 2030 includes developing several sectors including entertainment, education, healthcare, environment and other economic activities. “It requires finding best practices to address challenges and encourage both local and foreign investors,” the minister said.
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Al-Jubeir emphasized that Saudi Arabia is making significant progress on Vision 2030’s targets and addressing challenges that emerge along the way. Among the most notable achievements is significantly decreasing the unemployment rate and increasing women’s participation in the workforce, which saw a 23 percent increase in the last four years. Additionally, he noted the increase in new startups that Saudi youth have founded and their contributions to the job market.
Finally, Al-Jubeir stated that the region has all the factors to succeed and grow. However, regional tensions impact growth. Therefore, one of Saudi Arabia’s main objectives is to ensure a stable environment that paves the way for economic development and prosperity.
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