Minister of Commerce Majid Al-Kassabi
Saudi Arabia spent SAR 93.7 billion on developing its digital infrastructure, to be ready for automation and digital transformation, in addition to allocating another SAR 75 billion for future development, Minister of Commerce Majid Al-Kassabi, said. 
In a session on services trade within the agenda of the annual World Economic Forum in Davos, Switzerland, he added that Saudi Arabia focused on promoting business and worked in partnership with international organizations to develop the system of legislation to protect and attract investments. This is in addition to being keen to improve human skills and cadres and creating a premium residency center to attract qualitative talents.
Al-Kassabi further noted that the Kingdom is experiencing an unprecedented transformation in light of Vision 2030, which focused on developing sectors and expanding global trade.
Meanwhile, he indicated that work is underway to diversify the economy by relying on new sectors such as: tourism, culture, mining, services, entertainment, and others. This comes with creating new government agencies to develop and improve the business environment, such as: Small and Medium Enterprises General Authority (Monshaat), Saudi Authority for Intellectual Property, National Competitiveness Center (NCC), and Saudi Center for Economic Business.
Besides, the minister noted that to ensure the advancement of human cadres’ skills, the Kingdom created the “premium residency” system, which facilitated attracting global talent and investors.
According to the Minister of Commerce, the Kingdom worked with the GCC countries to open new markets through the free trade agreement to access global resources and benefit from its location.
Moreover, Al-Kassabi indicated that the volume of services trade in the Kingdom was estimated SAR at 540 billion in 2023, while the growth rate reached 7%, pointing to the importance of facilitating trade in services globally due to its important impact on economic growth.
Minister of Commerce Majid Al-Kassabi
Saudi Arabia spent SAR 93.7 billion on developing its digital infrastructure, to be ready for automation and digital transformation, in addition to allocating another SAR 75 billion for future development, Minister of Commerce Majid Al-Kassabi, said.
In a session on services trade within the agenda of the annual World Economic Forum in Davos, Switzerland, he added that Saudi Arabia focused on promoting business and worked in partnership with international organizations to develop the system of legislation to protect and attract investments. This is in addition to being keen to improve human skills and cadres and creating a premium residency center to attract qualitative talents.
Al-Kassabi further noted that the Kingdom is experiencing an unprecedented transformation in light of Vision 2030, which focused on developing sectors and expanding global trade.
Meanwhile, he indicated that work is underway to diversify the economy by relying on new sectors such as: tourism, culture, mining, services, entertainment, and others. This comes with creating new government agencies to develop and improve the business environment, such as: Small and Medium Enterprises General Authority (Monshaat), Saudi Authority for Intellectual Property, National Competitiveness Center (NCC), and Saudi Center for Economic Business.
Besides, the minister noted that to ensure the advancement of human cadres’ skills, the Kingdom created the “premium residency” system, which facilitated attracting global talent and investors.
According to the Minister of Commerce, the Kingdom worked with the GCC countries to open new markets through the free trade agreement to access global resources and benefit from its location.
Moreover, Al-Kassabi indicated that the volume of services trade in the Kingdom was estimated SAR at 540 billion in 2023, while the growth rate reached 7%, pointing to the importance of facilitating trade in services globally due to its important impact on economic growth.
