Abdullah Al Alami*
May 31, 2022
The future prospects for Saudi
Arabia are positive, and the Kingdom continues to diversify its economy to
achieve this goal.
Let me share with you the
official and reliable figures. The value of Saudi oil exports reached $30
billion last March, the highest level in six years, driven by high oil prices
and increased production. In other words, the value of crude exports,
which now stands at around $1 billion a day, has increased by 123%.
Although Saudi Arabia is dealing
positively with the increase in energy demand by raising production capacities,
it will also continue to advocate for climate change and environmental safety
issues.
The stereotype that Saudi Arabia
is only an oil exporter is unrealistic. Saudi achievements in many other areas
speak for themselves. For example, Riyadh involvement in the Global
Alliance Agreement in health care, contributes to promoting community awareness
in this field. We want to benefit from the world’s experiences in
formulating a prudent healthcare improvement strategy on a global level.
The Saudi Minister of Investment,
Khalid Al-Falih, expected the size of the Saudi economy to grow to between 1.7
and 1.8 trillion dollars by 2030, thus achieving the goal of the Kingdom's
vision to be among the 15 largest economies in the world. Foreign direct
investment flows to Saudi Arabia have multiplied by about 4 times in recent
years. At the same time, the Public Investment Fund is investing billions
of dollars in tourism, electric cars, and others, to effectively contribute to
the Comprehensive Development Transformation Plan.
Finally. Rising revenues in
the kingdom helped generate a budget surplus of 57.5 billion riyals ($15
billion) between January and March 2022. Therefore, Saudi Arabia will become
one of the world's largest growing economies this year, according to a report
by the International Monetary Fund.
*Saudi
writer
