From the Newsroom
S√£o Paulo ‚Äď Saudi Arabia‚Äôs investment minister Khalid al-Falih on Tuesday (16) told a panel titled ‚ÄúGulf Economies: All In‚ÄĚ at the World Economic Forum in Davos, Switzerland, that the energy transition will be at the core of the growth and development strategy of the oil-producing Gulf states.
‚ÄúThe most important thing is political stability, long-sighted vision and consistency,‚ÄĚ Al-Falih (pictured) said, according to information from Arab News. He said the region will transition more to a decarbonized mix of energy that will have oil and gas continuing for a long time, but will bring other forms of energy that‚Äôre emerging.
The minister said Saudi companies have invested heavily in other Gulf countries like the United Arab Emirates, Bahrain, Kuwait, and Oman, as they built this sector of renewable energy and hydrogen. He also said another investment trend has been artificial intelligence, and so has been infrastructure.
Translation by Guilherme Miranda