Saudi Minister: Energy Transition Key To Gulf Prosperity

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Saudi Arabia's investment minister Khalid al-Falih on Tuesday (16) told a panel titled“Gulf Economies: All In” 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.

“The most important thing is political stability, long-sighted vision and consistency,” 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're 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

World Economic Forum/Boris Baldinger

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