Many ‘doubted the vision': Saudi investment minister touts ‘green shoring' on path to diversification

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Saudi Minister of Investment Khalid al-Falih pushed back on skepticism of Riyadh’s economic diversification.

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan.

"Green shoring is basically saying you need to do more of the high energy processing manufacturing value add in areas where the materials, as well as the energy, are ," al-Falih said. One of the largest economies in the Middle East and a key U.S. ally in the region, Saudi Arabia has been shoring up investments in a bid to materialize Crown Prince Mohammed bin Salman's Vision 2030 economic diversification program, which spans 14 giga-projects, including the Neom industrial complex.

"Green shoring is basically saying you need to do more of the high energy processing manufacturing value add in areas where the materials, as well as the energy, are ," al-Falih said, adding that Saudi Arabia has the logistics, capital and infrastructure to achieve this.

 

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