Economy – Investment Minister Khalid Al-Falih revealed the Kingdom’s intention to launch special economic zones in 2021, emphasizing that the strategy to diversify sources economy away from oil is more popular today than ever before, and that the country will emerge from the COVID-19 pandemic with a strong economy and a robust private sector.
Al-Falih explained during a media briefing on “G20” titled “Working Together to Restore Confidence in Global Investment” in Riyadh, the G20 is discussing how to save the world from the effects of the pandemic, explaining that international problems require concerted efforts through harmony and cooperation.
Al-Falih explained that Foreign Direct Investment rose by 12% in the first half of 2020 compared to the same period a year ago, He emphasized that the Saudi economy is one of the most resilient in the world, explaining that the Kingdom’s foreign reserves amount to half a trillion dollars this year.”
He noted that the world is facing a humanitarian crisis amid an unprecedented economic slowdown in countries,” pointing out that $21 billion has been allocated to support efforts to develop a vaccine for the coronavirus. The Minister of Investment noted that the G20 has taken the initiative to suspend $40 billion in sovereign debt due to the coronavirus.
