Saudi Arabia announces $1.3 trillion private sector investment push
Thursday, 04 01 2021, Category: Economy, Country: Saudi Arabia
Saudi Arabia’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.
The move aims to mobilise the Gulf Arab state’s private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state’s income, and develop new sectors to help create jobs for millions of Saudis.
This is part of 12 trillion riyals worth of investments planned by 2030, Crown Prince Mohammed bin Salman said in televised remarks. That also includes 3 trillion riyals from the Public Investment Fund (PIF) and 4 trillion riyals under a new Saudi investment strategy, of which some 2 trillion would be foreign investment.
The total amount would rise to 27 trillion riyals with government spending and domestic consumption.