The Chairman, Secretary General, and the members of Asharqia Chamber expressed their optimism about the economic situation in the Kingdom. They stressed that it goes according to what was planned and it achieves higher growth rates year after year and carries many indicators for a better future.
They pointed out to the achievements of the Future Investment Initiative, in its second edition, which ended on Thursday 25 October 2018, with its successes that is reflecting the strength of the Kingdom's economic and political position.
They pointed to the indicators of the Kingdom's improvement in global competitiveness and IMF indicators, which raised its estimates of the growth rates of the Saudi economy in its report on the prospects of the world economy (WEO) to 2.2% in 2018 and to 2.4% in 2019.
This confirms in large part the positive impact of structural reforms on the structure of the national economy.
The Chairman of the Chamber, Abdul Hakim bin Hamad Al-Ammar Khalidi, said that the Future Investment Initiative opened the door to further growth in the national economy, and achieved the diversification of investment through attracting Asian and Russian capital and others to the Kingdom.
It also reflected the extent of the Kingdom's political strength and regional and international position.
AlKhalidi pointed out that the intensity of attendance and keenness of investors from various nationalities around the world to invest in the Kingdom, as well as the participation of sovereign investment funds, is the best evidence of the strength of the Kingdom's economic and political components.
AlKhalidi said that since the inception of the vision of 2030 in 2016, in order to achieve financial sustainability and diversify the incomes of the national economy, the non-oil sector has achieved a recovery and a significant increase in the national economy.
Official data indicate a rise of 1.6% in GDP for the first quarter of 2018. There are expectations of further increases in the coming periods, especially with the volume of large investments that are scheduled to enter the Saudi market in the coming periods.
Furthermore, the Vice President of the Chamber, Badr bin Sulaiman Al-Rizaih, stressed that the indicators of the Kingdom's improvement in global competitiveness and raising the International Monetary Fund estimates of growth rates in the Kingdom to 2.2% in 2018 and to 2.4% in 2019.
This boosts investors' confidence in the strength of the national economy and its ability to sustain growth.
The Future Investment Initiative in its second edition confirmed that the Kingdom is proceeding according to its plans, and it has become the focus of investors from different parts of the earth. It was expressed by the large number of investors and economic officials in different countries, as well as the number of agreements and contracts concluded during it.
He pointed out that it was a great opportunity to explore the current and future economic opportunities in the Kingdom to foreign investors.
Hamad Bin Mohammed Al-Boali, Vice President of Asharqia Chamber and Chairman of the Hospitality and Leisure Committee, said that there are already several indicators calling for optimism in the economic future of the Kingdom as it is on track to be at the forefront of countries attracting investment.
It was clearly expressed by the outcomes of the Davos Desert Conference in its version of the current year. It is also resulted by the values of transparency and clarity adopted by the Ministry of Finance.
He referred to the preliminary statement of the general budget for 2019, which emphasizes the principles of transparency and clarity for all, both investors and businessmen at home or from abroad.
And thus increase the confidence in the economic situation in the Kingdom, and reflects the strength of the Kingdom's economy and indicators of positive growth, both ability to reduce the budget deficit to 34% from the previous year and perhaps more so for considerations related to high oil prices and other growth of non-oil revenue and investment returns accumulated to 7% for the year 2018.
This means - no doubt - more projects and investment opportunities and more jobs for the national workforce.
This is the expected outcome of the structural transformation in the structure of the national economy, which is still living up to the present moment.
For his part, member of the Board of Directors and Chairman of the Industry and Energy Committee, Ibrahim bin Mohammed Al-Sheikh, praised the Future Investment Initiative and its accompanying agreements of economic partnership with countries, institutions and companies for the development of industry and logistics alone, which was amounted to about $ 50 billion.
Al-Sheikh said that the conference brought together a group of global leaders, investors and innovators, as it was a start for the business sector from international institutions and companies to partnership with governments in achieving global development and prosperity.
It comes at a time when the investment environment of the Kingdom became attractive to foreign investment in various fields, as well as the national economy is witnessing the growth of increasing and abundant cash, which confirms the strength, importance and centrality of the Kingdom in the world, both economically and politically.
For his part, Ahmed bin Sulaiman Al Muhaidib, a Board Member, expressed his optimism about the economic situation of the Kingdom under the wise leadership of the Custodian of the Two Holy Mosques and His Crown Prince. He said that the outcome of the Future Investment Initiative and the result of its multiple functions came to confirm that the further progress and growth of our national economy.
It also emphasizes the soundness of the path adopted by the wise leadership from the determination to continue the reform and development, which started and reaped its fruits in many shops, as the huge jump in foreign investments witnessed by the country during the first half of this year is 90% over the same period last year. This is an evidence of the strength of the economic situation in the Kingdom with its steady steps.
A member of the Board of Directors, Bader bin Mohammed Al Abdul Karim, said that the conference has become the most important economic event in the world, which has become the talk of investors in different countries, and to the whole world that the Kingdom occupies an economic and political position in the Middle East is not insignificant.
He pointed out that it was as a container filled with international expertise and innovators in various fields to contribute all in shaping the future of the Saudi economy.
Bandar Bin Rafi Al Jabri, Board Member and Chairman of the Logistics Committee, showed his optimism about the outcome of the Future Investment Initiative in its second version, especially with regard to the transport sector, as the value of its agreements alone during the conference was about $ 15 billion.
This is undoubtedly reflected on the sector and its activity and movement and ability to generate more jobs for the national labor forces in the coming periods.
He stressed that the conference was a strong supporter of the Kingdom's efforts to diversify the base of the national economy and it marks the further progress in economic development projects.
Hamad bin Hamoud Al Hammad, a board member and chairman of the Contracting Committee, said that the activities of the Future Investment Initiative 2018 have positive implications for the national economy moving forward, and that its aim of further exploring trends and opportunities will contribute to achieving sustainable positive returns and effects in the national economy.
He stressed the words of His Royal Highness Crown Prince Mohammed bin Salman when he stated, "The Saudis have an ambition like Tuwaiq mountain." His words reflects the precious royal trust in the Saudi on achieving goals.
Saadoun bin Khalid Al Khalidi, a board member, said that the Future Investment Initiative has been a key platform for promoting global communication between investors, innovators and governments as well as economic sector leaders in many countries around the world. It represented an opportunity to explore the huge investment spaces owned by the Kingdom in various fields.
He pointed out that it came to confirm the Kingdom's economic and political position in the world, and that it contributed to building a network of the most influential parties in the global arena.
A member of the Board of Directors, Salah bin Abdul Hadi Al-Qahtani, said that there are several indicators that have confirmed the soundness of the Kingdom's pathways to economic advancement in accordance with the vision of 2030, whether it is presented in the Global Competitiveness Index, World Bank estimates or other international indicators.
However, the Davos Conference in the Sahara stressed the effectiveness and intensity of its presence and the number of agreements concluded on the margins, which is another indicator added to the other international indicators.
He pointed to the conference as it highlighted the emerging sectors, which certainly contributes to shaping the future of the next world economy.
In addition, Dhari bin Abdulrahman Al-Atishan, a member of the Board of Directors, said that the Investment Initiative was an indicator and a breakthrough to prove the Kingdom's economic and political strength to the whole world.
On the economic level, the Kingdom was able to establish an attractive investment start for all investors around the world, and at the political level, it proved to be the focus of the region and its main axis.
Abdulrahman bin Sulaiman Al-Suhaimi, a Board Member, said that the Investment Initiative's workshops presented an insight into the global economy as a whole, and that business leaders and countries' leaders were able to develop a common vision for the future, both in terms of technology and the future of investment in innovation, and how capital flows or how global financial institutions can maintain their competitiveness in the era of the new economy.
Alanoud Bint Tawfiq Al-Ramah, a Board member, considered the Future Investment Initiative in its second edition as an opportunity to learn about the global experience in many areas of investment, as it was an international gathering of competencies and expertise and innovators from around the world. She pointed out the keenness to organize such an Initiative in the form that came out of it reflects the capacity and place of the Kingdom regionally and internationally.
For his part, Mohammed bin Saleh Al Sayyed, a Board Member, considered the Future Investment Initiative and its results as a pivotal event that affirms that the Kingdom is one of the main players in the global economy and on the other hand emphasizes the Kingdom's political role in the regional and global system.
He pointed out that the Initiative plays a big role in building business partnerships and enhancing investment with positive implications for the prospects of economic growth in the Kingdom.
Nasser bin Rashid Al-Bajash, a Board Member and the Chairman of the Communications and Information Technology Committee, said that the Future Investment Initiative represented a new stage in the promotion of strategic relations between the Kingdom and many investors, investment funds and governments of countries around the world, particularly with regard to vital sectors, or rather the new economic ones, which are currently the basis of future development, especially the clean and renewable energy sector, where innovation is the basis for its development.
The Board member, Nasser bin Abdul Aziz Al-Ansari, said that the Davos Conference of the Sahara and the agreements and the conclusion of contracts in billions represents a major development in the reform process adopted by the vision of the Kingdom of 2030.
He thought that the conference supports the diversification of the economic base through establishing a breakthrough in various economic sectors.
Moreover, Najib bin Abdullah Al-Sehati, a board member, said that the Ipnitiative opened the door to many paths of partnership that diversify the economic base and generate many employment opportunities as the transition to a sustainable economy depends on the launch of knowledge and innovation and human development, and to take advantage of the technological and digital developments that are playing a major role in the trends of the global economy.
Nouf AbdulAziz Al-Turki, a Board Member, said that Davos of the Sahara stressed the Kingdom's progress in the reform process, and that it will not deviate from its program to diversify the economic base and optimize the exploitation of natural and human resources.
She pointed out that it is in turn establishing a new stage of job generation and fostering economic growth based on knowledge and modern technologies.
Finally, the Secretary General of Asharqia Chamber, Abdulrahman bin Abdullah Al-Wabil, said that the Investment Initiative, in its version of the current year, opened the way for dialogue and discuss the prospects for the development of partnerships and investment activities in the coming years in accordance with the best international standards.
He stressed that it is an opportunity for companies and institutions around the world to strengthen their presence in the Saudi market.
He pointed out that the conference reflected the Kingdom's economic strength and the safety of its vision as well as its political power and pivotal role in the regional and global framework.
