Media Centre

Emerging markets successful in creating opportunities for growth: Saudi minister

ALULA — Minister of Economy and Planning Faisal Al-Ibrahim has said emerging markets and developing economies have succeeded in moving from low to middle income levels, creating important opportunities for further growth.

Participating in the activities of the second day of AlUla Conference for Emerging Markets Economies, Al-Ibrahim said, "But there are major risks, including the risks that may result from generative artificial intelligence and affect middle-income earners." Artificial intelligence must be exploited to "achieve convergence, not divergence," he added.

He said the bold decision taken by the Saudi government to unleash the natiional economy and move away from dependence on oil contributed to providing opportunities for the private sector, supporting innovation and opening markets to innovators from within and those who came to Saudi Arabia from abroad to help us achieve diversification in sources of growth.

Al-Ibrahim added that attention must be paid to the importance of carrying out serious reforms to address global trade crises and remove the challenges facing the economic growth process, which is what emerging economies need during the current period.

He pointed out that AlUla conference was an important platform to share ideas at the level of emerging markets and create opportunities for growth and development.

“There are some sectors in Saudi Arabia that have benefited from artificial intelligence technologies, including the energy sector, and we now see companies, such as Aramco, using generative artificial intelligence due to the availability of ready-to-use data.” Al-Ibrahim said.