For subscribers
Transformation under way as Gulf economies reduce reliance on oil for growth
Sign up now: Get ST's newsletters delivered to your inbox
Saudi Minister of Finance Mohammed Al-Jadaan underlined that such a transformation was the result of efforts to build confidence within the economy.
PHOTO: BLOOMBERG
Follow topic:
SINGAPORE – Conflict is not the only phenomenon reshaping the face of the Gulf, with the decisive shift of countries like Saudi Arabia away from reliance on the oil industry galvanising private sector involvement in economies that have traditionally been driven by public sector spending.
Speaking at the World Economic Forum (WEF), which took place from Jan 20 to 24 in Davos, Switzerland, Saudi Arabian Minister of Finance Mohammed Al-Jadaan said that private sector investment as a percentage of the country’s gross domestic product (GDP) has surged by 50 per cent – from around 17 per cent in 2017 to 24 per cent in 2023 – thanks to this gradual transformation.
