Saudi Gazette report

GUANGZHOU — Saudi Minister of Investment Khalid Al-Falih said that the Kingdom’s gross domestic product (GDP) has shot up by 66 percent since the launching of the Vision 2030.

In his speech at a session titled “Energy, Petrochemicals and Conversion Industries Workshop,” held on the sidelines of the Guangzhou Investment Workshop in the Chinese city of Guangzhou on Monday, the minister said that Saudi Arabia is witnessing rapid changes and the Kingdom’s robust growth has been instrumental in transforming it into one among the top 15 world economies.

Al-Falih affirmed the Saudi-Chinese partnership within the framework of Vision 2030. “Saudi Arabia’s cooperation with China is evident through pumping of huge investments between the two countries. There are still untapped opportunities in sectors such as specialty chemicals and manufacturing industries, which are valued at a total of more than $700 billion,” he said.

The minister said that Saudi Arabia is directing investments towards clean energy, and supporting it with innovations and technology. “The Kingdom is committed to expanding the use of clean energy by investing in the largest carbon production center in the world and the low-carbon ammonia project for carbon sequestration,” he said.

Al-Falih unveiled the Kingdom’s plans to establish a clean hydrogen station in NEOM. “The medium-term goal of the station is to generate 50 percent of energy from renewable sources, and other elements that make the Kingdom attractive to international companies,” he added.

Al-Falih will attend the China – Saudi Investment Conference in Beijing on Tuesday on the sidelines of his recent visit to China. More than 700 senior officials, CEOs, investors and entrepreneurs are expected to attend the conference, which aims to enhance the strategic partnership between the two countries.