Saudi Arabia ready to readjust projects under Vision 2030

 

Saudi Arabia to realign projects in view of economic and geopolitical challenges 

Saudi Arabia's Finance Minister, Mohammed Al Jadaan, declared on Sunday that the kingdom is prepared to adapt to current economic and geopolitical challenges by adjusting the pace of projects under its Vision 2030 program. Speaking at a panel session during a special meeting of the World Economic Forum in Riyadh, Mr. Al Jadaan emphasized the need for flexibility in response to evolving circumstances.

Acknowledging the necessity to reassess expectations regarding the ambitious 14-year program, Al Jadaan affirmed that Saudi Arabia is willing to recalibrate its approach as needed. He highlighted the distinction between achieving mere quantity growth, potentially attainable through increased oil production, and quality growth, which aligns with the kingdom's long-term economic objectives.

 

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Al Jadaan stressed the kingdom's willingness to modify, extend, or expedite various projects under the Vision 2030 program as warranted. This adaptive approach reflects Saudi Arabia's commitment to diversifying its economy away from oil dependency, promoting private-sector growth, enhancing female workforce participation, and reducing unemployment among citizens.

The minister's remarks come in the context of ongoing developments, including the progress and challenges associated with key projects like NEOM and The Line, a linear smart city under construction. Despite reports indicating adjustments in project timelines and scope, Al Jadaan expressed satisfaction with the overall progress, citing the completion or ongoing progress of 87% of initiatives under the Vision.

 

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The evolving economic landscape, including factors such as fluctuating oil prices, changing global energy dynamics, and shifting geopolitical alliances, underscores the importance of flexibility in Saudi Arabia's  strategic planning. Al Jadaan's comments underscore the kingdom's commitment to adaptability and pragmatic decision-making in pursuit of its long-term economic goals.

In addition to addressing domestic economic priorities, AlJadaan also emphasized the importance of fostering cooperation and avoiding polarization in international relations, particularly concerning emerging economies. He advocated for a balanced approach that recognizes the diverse needs and partnerships required for sustainable global development.

 

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Al Jadaan's insights come amidst broader discussions at the World Economic Forum regarding global economic trends, including diverging growth trajectories among advanced and emerging economies, rising debt levels, and the imperative for coordinated policy responses. As countries navigate a complex and dynamic economic landscape, the importance of strategic foresight, prudent management, and collaborative action remains paramount.

Source: MSN