RIYADH — Minister of Investment Eng. Khaled Al-Falih emphasized that building new sectors and economies not related to oil is the policy adopted by his Ministry. Addressing a dialogue session at the second edition of the Saudi Media Forum in Riyadh on Monday, he said that Kingdom’s economic plan is also based on this. Al-Falih spoke at length about the challenges faced by the global economy, as well as the Ministry of Investment and its achievements, the creative industries and the media. The minister underscored the resilience of the Saudi economy in withstanding the global crises and disasters, including the coronavirus pandemic. He underscored the Kingdom’s political and economic stability and flexibility as well as its ability to absorb shocks and overcome crises, in light of the existence of a clear plan and approach, represented by the Kingdom’s Vision 2030. He noted that the growth of the Kingdom’s economy since 2016, reached about $600 billion, surpassing the $1 trillion mark by the end of 2022. ‘The limited resources in the past, which were confined to value chains related to oil and petrochemical industries, were the obstacles in attracting investors,” he said. Al-Falih said every sector in the Kingdom has a detailed strategy, and the importance of having such plans and strategies that positively affect investors and their decisions to invest in the Kingdom. He also underscored the presence of a mature and solid banking system with the highest standards of disclosure and transparency that helps and intensifies the response that the Kingdom is witnessing from owners of capital funds and local and international investors. He pointed out that the investor is always looking for political, economic, regulatory and legislative stability, in addition to the available investment opportunities without obstacles. He also referred to the role of the Ministry of Investment, in partnership with various government agencies and the private sector, in preparing a National Strategy for Investment that aims to develop investment opportunities, harmonization and equality between investors of all categories, fund the financial system, and stimulate cost reduction for the investor.