- ARAB NEWS
- 15 May 2025
Since 1975
RIYADH: Saudi Arabia Finance Minister Mohammed Al-Jadaan said on Tuesday the Kingdom had tackled difficult structural changes at an incredible pace over the past 7 years.
Speaking at the US-Saudi Investment forum in Riyadh, Al-Jadaan said private investment as a percentage of GDP could take decades but Saudi Arabia had more than 50 percent growth in the private sector growing from 16 to 23 percent.
“Saudi Arabia currently has the lowest unemployment rate in the country’s history with about 3.5 percent and among the nationals the kingdom achieved its target for Vision 2030 with the rate being 7 percent,” he added.
Al-Jadaan also said there had been major structural change in women’s empowerment.
“Bringing half of your society to the productive part of the economy is significant and that drives a serious change. Moving from 17 percent of women participation in the workforce to 36 percent is a serious structural change,” said AlJaddan.
The minister said the Kingdom had a target of 100 million tourists by 2030 and it was achieved two years ago.
“When you have a leadership that sets a clear vision and mobilizes the nation behind it, the people of Saudi Arabia then own it and see that this is their vision, their country and their transformation,” he said.
US Secretary of the Treasury Scott Bessent said the US prioritized its relationship with Saudi Arabia.
“President Trump’s economic agenda focuses on three parts; trade, tax bills and deregulation,” said Bessent.
Bessent also said the US was working to rebalance their economy back to a manufacturing economy and hopes China will shift to a consumer economy.
During the opening ceremony of the Saudi – US Investment forum, Saudi Arabia’s Minister of Investment Khalid Al-Falih welcomed the attendees and thanked Saudi Arabia’s leadership for hosting an event.
“We are here to realize the intentions of Crown Prince Mohammed bin Salman to broaden Saudi Arabia’s investment and trade in the amount of $600 billion,” said Al-Falih.
