CEO of SABIC: Saudi Economy Is One of Fastest-Growing Economies
Al-Fageeh Hails Saudi Economy
The CEO of SABIC, Engineer Abdulrahman bin Saleh Al-Fageeh, is leading the Saudi business delegation in the Business 20 (B20) group during Brazil’s G20 presidency in 2024. SABIC continues its role as the hosting entity for preparing the Saudi delegation’s participation in the B20 activities. This marks a continuation of SABIC’s involvement, demonstrating its commitment to fostering international business collaboration and dialogue. Al-Fageeh admitted that the Saudi economy is one of the fastest-growing and most dynamic in the world.
SABIC’s Ongoing Preparation
SABIC has been responsible for preparing the Saudi delegation’s participation in the B20, starting from Japan in 2019. This journey spanned hosting in Saudi Arabia (2020), Italy (2021), Indonesia (2022), and India (2023), and now heads to Brazil for the 2024 summit. This consistent involvement underscores the company’s pivotal role in representing Saudi Arabia on this global stage.
Objective of the Saudi Delegation
Engineer Abdulrahman Al-Fageeh will lead the Saudi business leaders to participate in this crucial event throughout 2024. Moreover, he said that the delegation aims to explore mutual commercial interests between the Kingdom and the other G20 member countries.
Besides, discussions will focus on fostering cooperation and bilateral relations, as well as constructive business policies. These aim to overcome trade barriers and contribute to global economic development, with final recommendations from the B20 to the G20 leaders for adoption.
Saudi Economy’s Dynamic Growth
Moreover, Al-Fageeh emphasized Saudi’s economy as among the world’s fastest-growing, poised for continued promising growth. Saudi economy has significantly increased over the past decade under the Vision 2030 framework, with government support and encouragement. This has made the Kingdom an increasingly attractive destination for investments globally.
Platform for Saudi Business Community
This participation offers the Saudi business community a crucial voice in the region and globally. Additionally, it serves to highlight the Saudi business community as a preferred global investment destination. Engaging with business leaders from around the world at the B20 summit provides a platform to address critical global challenges that shape the future of business and global economies.
Role of B20
The Business 20 (B20) is the primary G20 outreach group representing the business sector, established in 2010 under South Korea’s G20 presidency. Its main goal is to represent the interests of the business sector and communicate their perspective to the G20 leaders. The group holds several meetings to discuss business sector challenges in collaboration with knowledge partners and prepares a final communique. This communique presents recommendations aimed at boosting the private sector and overcoming its challenges. It also emphasizes the importance of ensuring that business perspectives reach top global economic forums.
Through these initiatives, the B20 under the leadership of Saudi Arabia, exemplified by the efforts of SABIC and Engineer Abdulrahman Al-Fageeh, continues to play a crucial role in shaping the future of international trade and investment. The Saudi business delegation’s participation in B20 activities showcases the Kingdom’s active engagement in global economic dialogues. Additionally, it underscores its commitment to contributing positively to the worldwide business landscape.
Development of Saudi Economy
The Saudi economy has significantly evolved due to oil discovery, government efforts, and economic reforms. Historically reliant on oil exports, Saudi Arabia experienced rapid economic growth following the discovery of vast oil reserves in the mid-20th century. This wealth accumulation facilitated infrastructure development and public investments, laying the groundwork for modernization. However, recognizing the need to diversify away from oil dependency and address socio-economic challenges, the Saudi government launched ambitious initiatives such as Vision 2030. This comprehensive reform agenda aims to diversify the economy, stimulate private sector growth, and enhance non-oil revenue sources. Additionally, Efforts to boost foreign investment, entrepreneurship, and women’s workforce participation highlight the Kingdom’s dedication to sustainable economic growth. Despite facing global economic fluctuations and regional geopolitical tensions, Saudi Arabia continues to navigate towards a more diversified, dynamic, and resilient economy.
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