Saudi Arabia's Finance Minister Advocates Global Technological Cooperation

In recent years, Saudi Arabia has emerged as a significant player on the global stage, particularly in the realm of technology. The Kingdom is not only focusing on its domestic advancements but is also keen on supporting the interests of other nations. This was highlighted by Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, during the 2024 Berlin Global Dialogue. He emphasized the importance of long-term planning, stable policies, and robust public-private partnerships as essential elements for achieving sustainable growth worldwide.

Al-Jadaan's remarks resonate with Saudi Arabia's National Strategy for Data and Artificial Intelligence, which aims to position the Kingdom as a global leader in technology by the year 2030. He stated, “We cannot have prosperity in the world without a very clear environment that supports innovation and technology and then sharing them, particularly with low-income nations and the emerging markets.” This statement underscores the Kingdom's commitment to not only advancing its own technological capabilities but also ensuring that these advancements benefit other countries, especially those that are still developing.

Moreover, Al-Jadaan pointed out the necessity of investing in a multilateral trading system to reduce economic risks and tackle challenges that hinder equitable growth. He called for ongoing participation in international forums like the Berlin Global Dialogue, which serves as a platform for discussing pressing global issues. This approach reflects Saudi Arabia's desire to engage with the international community and contribute to solutions that promote stability and prosperity.

In a recent meeting with G7 finance ministers and central bank governors, Al-Jadaan reiterated Saudi Arabia's commitment to sustainable development through its influential role in artificial intelligence. A report from Strategy& Middle East projected that the Kingdom's technology sector could see a significant increase in operating profit, amounting to SR15 billion (approximately $4 billion) by 2028, largely due to the adoption of generative AI. This projection highlights the potential economic benefits that can arise from embracing advanced technologies.

During the Berlin event, Al-Jadaan engaged with government officials and major international investors to explore collaborative opportunities. His discussions with German Finance Minister Christian Lindner focused on enhancing the bilateral relationship between Saudi Arabia and Germany, showcasing the Kingdom's proactive approach to international partnerships.

The Berlin Global Dialogue, which commenced on October 1, revolves around the theme of “Building Common Ground.” This two-day event aims to foster cooperation among nations amidst growing fragmentation and misinformation. The German government has also introduced the next phase of the Green Guarantee Group, which seeks to unlock private capital for environmentally sustainable investments. Green Guarantees are innovative financial tools designed to promote projects that benefit the environment while minimizing risks for investors.

Saudi Arabia's strategic use of technology not only aims to fulfill its domestic ambitions but also seeks to uplift other nations, particularly those in need. By fostering innovation and collaboration, the Kingdom is paving the way for a more interconnected and prosperous global community. As the world faces numerous challenges, Saudi Arabia's commitment to sharing its technological advancements could play a crucial role in shaping a brighter future for all.