Speaking at the Fortune Global Forum in Riyadh, Saudi Arabia, Al-Falih said the rapid pace of tech innovation, changes in trade policies, and the rise of new markets in the Global South have brought about massive change. Countries and businesses both have to adapt to this changing world, even as “The very foundations of global business are being shaken, in a way, and being rewritten before our own eyes.” 

However, Al-Falih added that the increase in protectionist policies is a setback. 

“In my view, no nation or company can achieve resilience and isolation. The true advantage lies in what we would call connected resilience, rather than isolated resilience,” he said.

The Trump Administration has imposed a 10% “baseline tariff” on Saudi Arabia, but has regularly imposed higher tariffs on other trading partners. Most recently, President Donald Trump imposed an additional 10% tariff on Canada on top of existing tariffs to retaliate for an anti-tariff advertisement aired by the Province of Ontario, which featured former President Ronald Reagan.

For its part, the Kingdom has made collaboration one of its strengths, said Al-Falih. In just the past decade, under Crown Prince Mohammed bin Salman’s Vision 2030 plan, the Kingdom’s non-oil economic activities rose to 56% of the economy, up from less than half when the plan was launched in 2016. Its overall economy has grown to about 1.3 trillion, from 650 billion before the plan, while unemployment has fallen below 7%, and women’s participation in the economy has doubled. 

Al-Falih touted the Kingdom’s accomplishments as evidence that it is thriving as an economic player, and now more than ever serves as a destination for investment and a catalyst for growth internationally and in the region.

As for the future, the Kingdom has its sights set on becoming a key player for the age of AI thanks to its investments both in oil and renewable energy that will help power a “global hub for data centers, cloud computing and AI driven industries.”

“We’re not simply waiting for the future to arrive. We’re building it today, not alone, but together with our global partners,” Al-Falih said.