As part of its major new economic diversification push, Saudi Arabia on Tuesday (30 March) announced plans to pump investments worth $3.2 trillion into the national economy by 2030.
Under the programme, 24 of the kingdom's biggest companies including oil firm Aramco and petrochemical firm SABIC would lead investments of five trillion riyals ($1.3 trillion) by the local private sector.
"The total investment injected into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030," de facto ruler Crown Prince Mohammed bin Salman said in a speech carried by state television, reports The Economic Times.
“The companies, many of them listed, had agreed to lower their dividends and redirect the money into the domestic economy in exchange for incentives such as subsidies,” he said.
"The new Shareek (Partner) programme will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to 65% by the end of the decade," he added.
The investment plan also includes three trillion riyals from the Public Investment Fund (PIF) and four trillion riyals under a new Saudi investment strategy, of which some two trillion would be foreign investment.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.