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RIYADH: Participants in the “Sovereignty vs. Globalization” session during the ninth edition of the Future Investment Initiative conference stressed that the world needs to diversify supply chains, achieve greater energy self-sufficiency, invest in data centers, technology and artificial intelligence, and conclude more joint trade between allied and neighbor countries.

The dialogue session was attended by Qatari Minister of Finance Ali bin Ahmed Al-Kuwari, UK Chancellor Rachel Reeves, and Turkish Minister of Finance Mehmet Simsek, the Saudi Press Agency reported.

They discussed the importance of globalization, trade, artificial intelligence, and cooperation between countries, signing technical agreements and direct partnerships to find solutions to economic crises, while highlighting the importance of working to strengthen the work of multilateral organizations, especially with the work over the years to build a rules-based system based on participation and joint cooperation.

UK Chancellor of the Exchequer Reeves said: “One of the UK government’s priorities is to develop the economy. To achieve this, a solid foundation of stability is required, as is building relationships with important allies.”

She reviewed the UK’s trade deals with a number of countries and the trade agreements that confirm the country’s ability to compete.

For his part, the Qatari finance minister affirmed that his country is open to foreign direct investment, citing the 2022 World Cup, which has given great impetus to building infrastructure and identity.

Al-Kuwari added that he looked forward to benefiting from this while continuing to work to attract international investment, especially since Qatar is one of the world’s major producers of liquefied natural gas.

He noted the importance of cooperation with the entire world to build partnerships and direct investments, such as economic cooperation and trade agreements.

The minister further explained that AI and technology are part of the strategies in his country’s plan to diversify the economy, and that investing in AI and energy is important and logical, noting that Qatar possesses distinct national capabilities in data, innovation, and aviation.

In turn, the Turkish Treasury Minister highlighted the importance of countries investing in international and regional integration, given its benefits in strengthening risk-bearing areas such as energy and ensuring production security.

Simsek emphasized the importance of technology, health, and security as well as AI, data, and cybersecurity, which require more investment, noting the importance of working to reduce risks before they occur.

RIYADH: ��������’s foreign direct investment has quadrupled, surpassing its Vision 2030 targets as the Kingdom’s economy continues to diversify away from oil, Investment Minister Khalid Al-Falih said. 

Speaking at the ninth edition of the Future Investment Initiative in Riyadh, Al-Falih said the surge in investment reflects the success of Vision 2030, describing the Kingdom’s transformation plan as “a reality, not a dream,” according to the Saudi Press Agency. 

This comes as foreign direct investment in the Kingdom grew by 24 percent to $31.7 billion in 2024, establishing it as a major global destination, supported by its megaprojects and preparations to host Expo 2030 and the 2034 FIFA World Cup. 

“He pointed out that the non-oil economy has risen to (5 percent), indicating that the past two years have witnessed more new and promising investment opportunities in the Kingdom, including artificial intelligence and acceleration of digital transformation, pointing out that major national projects are continuing their work and some are preparing to open their doors,” the SPA report stated. 

The minister outlined a fundamental shift in the nation’s economic structure, revealing that 40 percent of the state’s budget and expenditures are now financed by non-oil revenues. He further emphasized that a staggering 90 percent of all FDI flowing into the Kingdom is directed toward non-oil sectors.  

Al-Falih emphasized that the Kingdom’s economy “is no longer oil-based,” highlighting rapid progress in advanced manufacturing, technology, tourism, entrepreneurship, deep tech, and venture capital.  

He also highlighted the Kingdom’s ability to navigate a series of global obstacles, including the COVID-19 pandemic, oil price fluctuations, and regional tensions. He credited this resilience to the nation’s substantial financial reserves and overall stability, which he described as a key strength.

The minister also noted that major giga-projects are continuing their work, with some preparing to open their doors. Al-Falih reaffirmed ��������’s strong belief in powerful partnerships between the government and the private sector, as well as with foreign investors. 

According to Argaam, the minister stated that with many large-scale projects, like the Red Sea Project, now at an advanced stage, the Kingdom should scale back government and Public Investment Fund spending and allow the private sector to lead future investment. 

“These assets should now be transferred to the market to observe how they perform under private sector management,” Argaam reported Al-Falih as saying.  

Al-Falih emphasized that the Kingdom is committed to reducing barriers to doing business, signaling a continued open-door policy for international capital. 

Echoing this sentiment, other participants agreed that such collaborations are essential for achieving goals in a shorter timeframe. They stressed that sectors related to energy remain particularly promising and ripe with innovation capable of building a better future for humanity.