Saudi Arabia keen to provide enablers for private sector, says minister

The Saudi government is keen to provide all the regulatory and financing enablers, as well as the necessary favorable investment climate for the private sector, to help it drive the Kingdom’s economic growth, Khalid Al-Falih, Minister of Investment, told CNBC Arabia.

Work is underway on hundreds of attractive projects, which will be offered to local and foreign investors.

Small and medium enterprises (SMEs) hold the lion’s share in the initiatives launched in Saudi Arabia, Al-Falih said on the sidelines of the G20 Trade and Investment Ministers meeting.

He added that the G20 contributed more than $11 trillion to the global economy, which promoted economic resilience and ability to absorb the COVID-19 pandemic impact.

Al-Falih pointed out to the surge in international trade flows, adding that measures are being taken to curb investment risks and restore the economic cycle recovery in trade and investments.

Reform of the World Trade Organization (WTO) is necessary, the minister noted, citing that reform is an inevitable option, which should be implemented by the WTO members.