- ARAB NEWS
- 05 May 2024
Since 1975
LONDON: It is important that investors understand the long-term structural changes to the Saudi economy that are taking place and the opportunities they offer, the head of the National Development Division at the Saudi Public Investment Fund said on Thursday.
Speaking at the Future Investment Initiative Priority forum in Miami, Jerry Todd said the three pillars of this transformation are industrialization of the economy, the development and expansion of service sectors, and the building-up of green energy capacity.
“Vision 2030 is the blueprint for this economic transformation, and it is a national project but it requires global resources, global talent, capital and operating capacity,” he said. “The attraction of those into the Kingdom is embedded into that blueprint.
“The question of what happens next is really a function of whether people in this room, and people in rooms like this, are learning more and trying to understand what’s happening (in the Kingdom). Personally, I’m optimistic, I think there’s a growing awareness of the opportunities being created.
“(Another thing that is changing) is the ability of the domestic economy to absorb longer-term investment, in large part through the industry-building that’s happening as part of Vision 2030. It’s creating chances for people to come in and capture asset-level opportunities.”
Former US Treasury Secretary Steven Mnuchin echoed that sentiment and said there are a lot of opportunities for investment in the wider Middle East region in relation to clean energy and energy transformation.
He warned, however, that if the region is to remain an attractive investment hub, the threat Iran poses to regional stability and security must be addressed, primarily through tougher and more rigidly enforced sanctions on the regime in Tehran.
