Riyadh, October 26, 2024 — Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, participated in a panel discussion titled “Human Capital: The Key to Economic Growth” during the Gulf Cooperation Council (GCC) and World Bank Group (WBG) Event, held alongside the IMF-WBG Annual Meetings. The minister highlighted Saudi Vision 2030’s role in transforming the nation’s approach to critical sectors, including health, education, and social protection, to drive resilience and global competitiveness.
Alibrahim emphasized that education reforms are key to preparing Saudi Arabia’s workforce for future challenges, with an emphasis on skills-based learning and innovation in STEM (Science, Technology, Engineering, and Mathematics) to position the Kingdom as a technology and engineering leader. These reforms aim to equip citizens with skills suited to an evolving labor market and foster a culture of continuous learning and innovation.
In healthcare, Alibrahim noted that efforts focus on expanding infrastructure, integrating digital solutions, and prioritizing preventive care. These strategies are intended to improve public wellness and healthcare system efficiency, aligning with Vision 2030’s goal to enhance the quality of life for Saudi citizens.
Further, he stressed the importance of preparing for the future of work through targeted reskilling initiatives and private sector partnerships. As automation and AI reshape industries, these efforts aim to ensure that the Saudi workforce remains adaptable and competitive. Alibrahim also identified small and medium enterprises (SMEs) as pivotal drivers of economic growth, with initiatives underway to foster entrepreneurship and support sustainable development.