The kingdom of Saudi Arabia has confirmed its readiness to supply the world with all types of energy and its openness to cooperation and partnership with all countries of the world in the field of providing green energy.

Prince Abdulaziz bin Salman, Minister of Energy, said during the special meeting of the World Economic Forum in Riyadh today: we want to provide the world with all types of energy, whether hydrogen or nuclear. We want to provide the world with energy of any kind,"he said.

"Our business model is quite liberal, we don't mind partnering with everyone, we are ready to transport these molecules, especially hydrogen, in the form of ammonia, through pipes, but we face challenges, including the lack of clarity of policies and incentives, and the requirements for the development of these technologies,"he added.

He pointed out that the process of transition to green energy faces multiple challenges, including the lack of clarity of policies and the absence of incentives and requirements for production and development, calling for the establishment of controls and incentives to switch to clean energy.

The Saudi Energy Minister explained during a session at the Forum meeting entitled "global cooperation, growth and energy for development" that "Saudi Arabia was facing another challenge, which is carbon capture and storage, and currently we have a facility that handles 5.1 million tons of carbon".

The meetings of the World Economic Forum, held in Riyadh for the first time outside Davos, are attended by more than 1,000 participants, including more than 20 heads of state and prime ministers, aimed at promoting dialogue between thought leaders on several topics, including environmental challenges, the role of Arts in society, entrepreneurship, artificial intelligence, digital currencies and digital cities, and mental health.

For his part, Minister of Finance Mohammed Al-Jadaan stressed during the opening session of the forum, the need to adapt and modify economic plans by countries to deal with conditions and developments, noting the importance of "Vision 2030", which provides investors with a clear and stable vision.

He said that the "Vision 2030 "focuses on qualitative and not quantitative growth," it is important for us to grow the non-oil economy and strengthen the role of the private sector.. If we wanted, we would have produced 10 million barrels of oil per day instead of 9.5 million barrels and achieved much greater GDP growth,"he said.

Al-Jadaan pointed out that there are severe disparities between countries in terms of their economic performance, as countries cannot be asked to focus on growth while they are struggling with debt, stressing the responsibility of multilateral financing institutions to support countries facing difficulties.

He also drew attention to the challenge of inflation rates caused by Corona, raising interest rates "which, unfortunately, are heading for further aggravation," and geopolitical developments.

Al-Jadaan also said in his speech that human capital is the focus in Saudi Arabia, advising the countries of the region to focus on their people and the prosperity of their economy instead of focusing on conflicts and the depletion of resources.

For his part, Faisal al-Ibrahim, Saudi minister of economy and planning, said during a dialogue session on the sidelines of the World Economic Forum: "we must invest in individuals and their education to achieve growth.. We must produce and consume energy in a balanced way.

He pointed out that Saudi Arabia has been able to find a range of development opportunities and has become a global platform for international discussions.

He explained that the most timely or important special meeting addresses three key topics that are an integral part of long-term progress: International Cooperation, growth, and energy for development, each of which requires our full attention.

He pointed out that growth has become an urgent necessity, and we must participate in the creation of a global economy that works for the benefit of all, where every country has the opportunity to prosper, regardless of its wealth or status, which requires us to invest in human capital, pointing out that artificial intelligence will contribute billions of dollars globally over the next decade, stressing the need to improve human life and humanity and not exacerbate challenges.

Meanwhile, IMF Managing Director Kristalina Georgieva stressed that poor productivity is responsible for 50% of the decline in economic growth, noting that dependence on a single source of basic supplies is disastrous for growth.

Georgieva said that "developing countries' access to global markets is essential to ensure growth," explaining that the strength of the US dollar makes it more difficult to face inflation, stressing that despite the trend to lower interest rates in the United States, they will not return to pre-Corona pandemic levels.