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Dr. Majid Al-Kassabi: Saudi Arabia invests $45 billion in digital infrastructure to boost trade
Saudi Arabia's Dr. Al-Kassabi credited the Kingdom's thriving services sector, which accounts for roughly 65% of the world’s GDP.
During a session on Trade in Services at the World Economic Forum in Davos, Saudi Arabia’s Minister of Commerce, Dr. Majid Al-Kassabi, announced that the kingdom’s trade in services reached $144.18 billion in 2023, with an annual growth rate of 7%.
Dr. Al-Kassabi highlighted the global significance of the services sector, which contributes approximately 65% of the world’s GDP and 60% of foreign investments and serves as the largest global job provider, particularly benefiting women.
He highlighted the importance of international cooperation in reducing regulatory and procedural barriers within the services sector, explaining that simplifying these systems would enhance competitiveness, ease the burden on SMEs, and increase their economic impact.
Dr. Al-Kassabi highlighted Saudi Arabia’s significant investments in digital infrastructure, with $25.06 billion already spent and an additional $20.03 billion allocated for upcoming projects. He explained that these investments aim to drive digital transformation, improve business operations, and attract foreign investments.
He also emphasized the kingdom’s strategic partnerships with international organizations to establish legislative frameworks that safeguard investments and foster human resource development. Saudi Arabia has further established a Center for Distinguished Residence to attract and retain skilled talent.
The World Economic Forum stressed the critical importance of collaboration between the public and private sectors in shaping the future of trade in services. It also highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative. This initiative focuses on key sectors such as information and communications technology (ICT), finance, transportation and logistics, and mining—industries integral to all economic activities.
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