Tuesday, 16 July 2024

Saudi Arabia was the guest of honor last year

Ministry of Finance Top Official Participates, in the Arab-German 24th Business Forum

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The Undersecretary of the Ministry of Finance for International Relations Dr. Riyadh bin Muhammad Al-Khorayef participated in the 24th Arab-German Business Forum, organized by the Arab-German Chamber of Commerce and Industry, in Berlin, on 4-6 October, in the presence of high-level participants.

During the 2-day gathering, they discuss topics related to the main sectors opportunities of growth in  Arab and German sides.

In his keynote speech at the forum, Dr. Al-Khorayef pointed out the importance of the issues raised that enable the study of new ways and opportunities to build trade and investment links between the Arab and German private sectors, stressing that the Kingdom faced the global crisis from a position of strength, and that the government laid the foundations for strong growth, led by the private sector, supported by the Kingdom Vision 2030, adding, thanks to the strong foundations that the Saudi economy enjoys, the Kingdom is now witnessing a recovery.

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If we look at the first half of this year, we will find that the real non-oil GDP grew by 5.4%, and the private sector grew by 7.5%, exceeding pre-pandemic levels.

This is a clear indication that domestic demand is very strong, which means the abundance of investment opportunities in the Kingdom.

On the future of investment in the Kingdom, Dr. Al-Khorayef stressed that the Kingdom ranks highly according to the Human Development Index (HDI) and ranks second globally, among the G20 countries, in this year’s Digital Competitiveness Report.

He explained that investment in the Kingdom provides a unique opportunity to integrate into the G20 economy and with strong growth potential, as Saudi companies have a strong set of capabilities and assets in many fields, and these investments launched by the Vision 2030, the privatization program, and the Public Investment Fund, Partner Program, and the Saudi Capital Market, adding that the Kingdom has launched the Saudi Green Initiative and the Green Middle East Initiative, which will contribute to providing many investment opportunities.

It is noteworthy that the past few years have witnessed many successful partnerships between Germany and the Arab world.

The Kingdom of Saudi Arabia was the guest of honor of the Arab-German Business Forum last year, and the State of Libya is the guest of honor this year.

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