Saudi Crown Prince Mohammed bin Salman said that the total of new investments that will be pumped into the Saudi economy until 2030 will amount to 12 trillion Saudi riyals, equivalent to 3 trillion dollars, and this does not include government spending.
This came during the Saudi Crown Prince launching a program to strengthen partnership with the private sector in the Kingdom, as part of efforts to diversify the Saudi economy, which relies heavily on oil.
In the details, Prince Mohammed bin Salman explained that this amount includes 3 trillion riyals (about 800 billion dollars) that will be pumped by the Public Investment Fund (the sovereign wealth fund) until 2030, in addition to 4 trillion riyals (6 trillion dollars) that will be pumped under the umbrella of the strategy. National Investment, and its details will be announced soon.
The Saudi crown prince also added that the total amount that will be spent in the Kingdom over the next ten years will amount to 27 trillion Saudi riyals, equivalent to 7 trillion dollars, including government spending and new investments.
The latter amount includes government spending estimated at 10 trillion riyals over the next ten years, and private consumption spending expected to reach 5 trillion riyals until 2030.
The "partner" program, according to Prince Mohammed bin Salman, aims to develop partnerships between the government and private sectors, and to accelerate the achievement of the strategic objectives of increasing the resilience of the economy and supporting prosperity and sustainable growth.
Private sector investments will create hundreds of thousands of new jobs in Saudi Arabia by 2030 (Reuters)
Hundreds of thousands of jobs
The Saudi Crown Prince also indicated that the investments that will be pumped by the private sector, supported by a partner program, will provide hundreds of thousands of new jobs, and the contribution of the private sector to GDP will increase, in order to achieve the goal set for it within the goals of the Kingdom's vision, which seeks to raise the contribution of this sector. To 65% by 2030
Prince Mohammed bin Salman later told reporters in a hypothetical interview that Aramco and the Saudi Basic Industries Corporation (SABIC) would represent 60% of the 5 trillion riyals investment.
On the other hand, Saudi Finance Minister Muhammad Al-Jadaan told Reuters that 24 companies, the majority of which are listed, will invest 2 trillion riyals by 2025 and another 3 trillion riyals by 2030. He added that the Public Investment Fund is a shareholder in most of them.
Prince Mohammed bin Salman announced in January that the Public Investment Fund would invest $ 40 billion annually in the Saudi economy over a period of 5 years.
The unemployment rate in the Kingdom in the third quarter of last year was 14.9%, slightly lower than its record level of 15.4%, which was recorded in the second quarter, according to official data.