Saudi economic growth to drive GCC, Arab region into bigger integration – Al Falih at Gateway Gulf - Mubasher Info

Mubasher: Khalid Al Falih, the Saudi Minister of Investment, stated during his speech at the second edition of the Gateway Gulf Investment Forum that the current economic growth in the Kingdom will push the GCC states and the Arab region towards a larger economic integration.

Saudi Arabia has a big, diverse economy that competes globally, Al Falih said on the first day of the event which concludes on 4 November, adding: “more cooperation will enable us to find different channels to work and function as one economic power.”

Countries across the region have to fast-track applying economic diversification, Al Falih noted.

He added that Saudi Arabia succeeded in reaching more than 53% of revenue from oil before launching the Saudi Vision 2030, while its non-oil revenue exceeded 40% due to the Vision.

The Saudi minister stated that geopolitical risks are the gravest on regional economies compared with economic and cybersecurity risks.

Al Falih concluded that Saudi Arabia and the Gulf countries have to jointly collaborate to reduce any risks or turmoils facing supply and demand in the global crude oil market.

It is worth noting that the Gateway Gulf forum is held in Bahrain with the support of senior government officials from Bahrain’s finance, investment, and industry portfolio.

Top 250 ministerial and senior government officials are attending the event, as well as C-suite business professionals and executive investors from major markets across America, Europe, Asia, the GCC area, and beyond.

During the first day of the forum, Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, stated that Gateway Gulf forum aims to be a vital hub for more cooperation and partnerships in the Gulf region.

Source: Mubasher Source: {{details.article.source}}