Insta
Saudi Arabia To Invest $3.2 Trillion In National Economy By 2030, Announces Crown Prince Mohammed Bin Salman
Swarajya Staff
Mar 31, 2021, 01:32 PM | Updated 01:35 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.