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From Davos…Saudi Arabia highlights the priority of reducing dependence on black gold


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Saudi Minister of Economy and Planning Faisal Al-Ibrahim stressed that the kingdom is seeking to reduce its dependence on oil exports, and to confirm this approach, he sent one of the largest delegations to the Davos forum.

In an interview with Agence France Presse at the World Economic Forum in Davos, Al-Ibrahim said: “We want to reduce our dependence on oil … we want to diversify our economy.” not too late for sectors that start from scratch in Saudi Arabia Tourism, culture, sports and entertainment Sectors that will generate diversified wealth.

“But we are also interested in other sectors such as mining and industry to be more competitive,” he added.

The minister stressed that there is “great interest in growth in Saudi Arabia”, pointing to an 8.5 percent increase in gross domestic product last year, although the global economy as a whole has struggled.

Despite aiming to be carbon neutral by 2060, the country remains heavily dependent on crude oil exports, which have been the backbone of its economic growth for decades.

Source: AFP.

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