Interview: Fahad Al Jubeir
Which industries can contribute the most to economic diversification in the Eastern Province?
FAHAD AL JUBEIR: Having Aramco’s headquarters in the Eastern Province makes the region a hub for the energy sector and a centre for related businesses. There are significant prospects that can drive economic growth and provide jobs, such as renewables and recycling. Investing in solar and wind power can reduce the region’s carbon footprint, and create new industries and employment opportunities. Furthermore, the manufacturing sector can contribute to economic diversification. Focusing on high-tech manufacturing industries, such as aerospace and biotechnology, can create highly skilled jobs and attract international investment.
Innovation and technology are also fields with great potential in our local economy. In addition to the Eastern Province’s advantageous location, its young population makes the region ideal for businesses working in digital industries. Establishing high-tech centres and supporting start-ups can drive innovation, create jobs and attract international investment. It is important that investment in infrastructure keeps pace with the demands of businesses and investors. This includes not only physical infrastructure such as ports, roads and industrial zones, but also digital and communications infrastructure with reliable, high-speed connectivity.
What measures and strategies are being implemented to enhance the role of the private sector?
AL JUBEIR: The private sector is a driver of economic growth, and we are implementing measures to support and enhance its role. We are working to improve the business environment by addressing challenges related to bureaucratic procedures and transparency. We aim to advance the business environment in order to attract domestic and foreign investors, as well as to promote fair competition and sustainable growth. We are also strengthening public-private partnerships to encourage collaboration between companies and the public sector.
In recognition of the critical role of small and medium-sized enterprises (SMEs), we are actively exploring ways to provide them with greater access to financing and new markets. SMEs are the backbone of our economy, and they are expected to create more job opportunities and promote economic growth across the region. Empowering them will lead to a more affluent and sustainable future. To this end, we have been working to identify and implement effective strategies to help such entities thrive in today’s competitive business landscape. Fostering a more accommodating environment for SMEs can assist them in unlocking their full potential and help them achieve long-term success.
To what extent is environmental sustainability shaping the economic development agenda?
AL JUBEIR: Environmental sustainability is influencing our economic development agenda in several ways due to challenges we are facing. However, we see these as potential for innovation. Desalination technologies and other water-saving and recycling measures not only address environmental concerns, but also stimulate technological transformation and job creation. Similarly, efforts to advance sustainable agriculture can contribute to food security and rural development.
The transition to a low-carbon economy also presents a number of investment opportunities. Apart from renewables, there is potential in green buildings, sustainable urban spaces and public transport systems. By investing in these, we can create new industries and job opportunities, while simultaneously reducing our carbon footprint. In addition, there are significant prospects to be pursued in education and training. Transitioning to a low-carbon economy will require a workforce equipped with the necessary skills and knowledge. Because of this, supporting these efforts is set to not only drive our energy transition, but also ensure that any resulting changes will have a positive impact on all sections of society in the Eastern Province.
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