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.
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