Alkhorayef: Saudi Arabia rapidly localizing auto industry, becoming re-export hub
Saudi Gazette report
DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry.
The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030.
Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity.
He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector.
Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030.
Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent.
The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
14 hours ago
- Arab News
Saudi Shoura Council delegation meets with speaker of Hungarian Parliament
BUDAPEST: A delegation from the Saudi Shoura Council, comprising members of the Saudi-Hungarian Parliamentary Friendship Committee and led by council member and head of the committee Ibrahim Al-Qannas, met with Laszlo Kover, speaker of the Hungarian Parliament, in Budapest recently as part of the Shoura Council delegation's official visit to Hungary. Kover welcomed the delegation, noting the importance of such meetings and exchange of visits to enhance parliamentary cooperation. He praised the Kingdom's achievements under Vision 2030. The meeting included discussions of bilateral relations and ways to enhance them, as well as exploring the prospects of parliamentary cooperation between the Shoura Council and the Hungarian Parliament. It also addressed several topics of common interest.
Saudi Gazette
18 hours ago
- Saudi Gazette
IMF praises Saudi economic resilience, inflation control, and Vision progress
Saudi Gazette report RIYADH — The Ministry of Finance has welcomed the Concluding Statement issued by the International Monetary Fund (IMF) following the completion of its 2025 Article IV Consultation with the Kingdom. The statement highlighted the resilience of Saudi Arabia's economy amid global uncertainty, driven by robust non-oil sector growth, low inflation, and record-low unemployment, all aligned with the strategic goals of Vision 2030. In a press release, the ministry noted the IMF's commendation of the Saudi government's efforts to reinforce fiscal sustainability and its ability to absorb economic shocks. The experts observed that strong domestic demand continues to fuel economic momentum despite global headwinds, reflecting the effectiveness of major Vision 2030 projects supported by both public and private investments. The IMF experts highlighted the Kingdom's success in containing inflation, which stood at 2.3% in April 2025, and is expected to remain near 2%. This stability is underpinned by several factors, including the riyal's peg to the US dollar, supportive government policies, lower transportation and communication costs, and a cooling of residential rent inflation. Imported inflation, largely stemming from global tariff increases, remains under control. The report also praised the Saudi Central Bank (SAMA) for enhancing its liquidity management framework, noting its role in maintaining stable monetary conditions. The experts acknowledged SAMA's continuous efforts to improve regulatory and supervisory mechanisms and further strengthen oversight in the financial sector. A key focus of the statement was the Kingdom's reform trajectory since 2016. The IMF noted the wide-ranging progress in business regulation, governance, labor markets, and capital market reforms. It cited new regulations enacted in 2025, including an updated investment law, labor law amendments, and a modernized commercial registration system. These initiatives are expected to enhance investor confidence, stimulate productivity, and support sustained non-oil sector growth. The IMF stressed the need for continued fiscal reform and a strong medium-term fiscal framework to maintain the sustainability of public finances and achieve Vision 2030's long-term objectives. The Concluding Statement represents the preliminary findings of the IMF mission and forms part of its annual economic consultations with member countries under Article IV of the IMF's Articles of Agreement. These consultations aim to assess economic developments, policy directions, and structural reforms. The Ministry of Finance reaffirmed its commitment to working closely with the IMF and other international institutions to ensure economic resilience, strengthen fiscal governance, and continue progress on structural reforms in support of the Kingdom's long-term development vision.
Saudi Gazette
a day ago
- Saudi Gazette
Al-Jadaan underscores AIIB to enhance support for low-income countries
Saudi Gazette report BEIJING — Saudi Minister of Finance Mohammed Al-Jadaan emphasized the importance of the Asian Infrastructure Investment Bank (AIIB) enhancing its support for low-income countries. 'The special funds provided by the bank are effective resources that can help bridge financing gaps and engage all members in the development process without exception,' he said while addressing the 10th annual meeting of the AIIB board of governors, held in Beijing, China on June 24-26. During his participation in the governors' roundtable, the minister emphasized the importance of the AIIB's efforts to intensify its cooperation with other development banks and to attract private capital. He noted that private-sector participation in cross-border interconnection projects does not exceed 22 percent, reflecting the limited scope of public-private partnerships despite infrastructure development being a fundamental pillar of global economic growth. Al-Jadaan explained that the bank has an opportunity to adopt innovative solutions to overcome such challenges. 'Opportunities include dynamic risk distribution, the application of integrated financing mechanisms, and the creation of payment channels supported by blockchain technology,' he said. The minister stressed the need to increase AIIB's investments in emerging energy technologies. 'The bank has demonstrated an awareness of the importance of the energy sector, but we need to go further. Technologies such as carbon capture, utilization, and storage (CCUS) are essential to achieving energy security,' he said.
