Saudi Arabia’s minister of investment on Vision 2030 and the world’s search for reliable partners

In conversation with luck Editor-in-Chief Alison Shontel, as well as Alphabet President and Chief Investment Officer Ruth Porat and Barclays Group CEO CS Venkatakrishnan, Al-Falih described what he sees as a world where “everyone is worried” about supply chains that are still “pushed to the limits,” more than five years after the pandemic began. “Supply chain resilience for both companies, countries, policymakers and governments is king,” he said, also citing digital disruption as a major inflection point.

“Underneath this, there is a humanitarian concern that he sees driving the actions of leaders today,” Minister Al-Falih told Shontelle: “I think people are looking for partners they can trust and who are not short-term or transactional.” The minister has framed Saudi Arabia’s Vision 2030 not just as a national reform agenda, but as a blueprint for global cooperation rooted in mutual resilience – the belief that long-term prosperity depends on shared growth across nations. And industries.​

“Interconnectedness remains the defining reality of our time,” Minister Al-Falih said in his opening remarks, urging companies to embrace cross-border partnerships rather than retreat behind protectionist walls. He described the Kingdom as a “platform for global growth,” stressing that flexibility in the modern economy requires openness, innovation, and integration with like-minded partners. His message was clear: Saudi Arabia aims to be the world’s most reliable investment destination for companies navigating geopolitical fault lines, changing supply chains, and the green transition.​

A decade of transformation

Since its launch in 2016 under Crown Prince Mohammed bin Salman, Vision 2030 has redrawn the economic map of Saudi Arabia. The minister noted that the non-oil sectors now represent 56% of the national gross domestic product, compared to 40% at the beginning of the program. Unemployment has fallen to less than 7%, while women’s labor force participation has doubled to 37% (latest World Bank data show 34%), far exceeding early reform targets.​

Saudi Arabia’s capital markets, now ranked among the top 10 in the world, have become a magnet for international investors, highlighted by the massive IPO of leading national oil company Saudi Aramco in 2019, which is now ranked among the world’s top 10 most valuable companies – and the most profitable company of all as of 2023. Minister Al-Falih noted that multinational companies are setting up regional headquarters in Riyadh at a pace. Accelerating: 675 as of this year, already exceeding the Vision 2030 target of 500 by 2030. The Minister hailed these developments as evidence that structural change, once theoretical, is now a driver of global competitiveness.

From oil superpower to clean energy leader

Minister Al-Falih also repositioned Saudi Arabia’s traditional role in global energy markets. As a key hub for oil and gas supplies, the kingdom is now seeking to be equally dominant in renewables – from solar and wind to green hydrogen. “Our ambition is to enable the industries of the future to flourish,” he said, referring to plans that take advantage of the Kingdom’s vast natural resources and rapidly growing renewable energy portfolio.​

He stressed that Saudi Arabia’s competitive advantage – low energy costs, geographic centralization, and expanding data infrastructure – makes it ideal for energy-intensive industries, from artificial intelligence and cloud computing to advanced manufacturing. He announced that Riyadh is already emerging as a leading global center for data centres, gaming and e-sports

In his closing remarks, Minister Al-Falih called on global companies to “discover for themselves” the ambition and capability driving Saudi Arabia’s transformation. He said the country’s investment strategy is based on three pillars – competitiveness, connectivity and capacity – each supported by world-class infrastructure and regulatory modernization.

Saudi Arabia’s evolving identity as a reformist state and a reliable partner resonates far beyond the Gulf region. In an era in which multinational companies are diversifying away from single market dependencies, Minister Al-Falih’s comments made it clear that Riyadh wants to cement this shift – providing predictability, efficiency and partnership in a volatile world.