Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Saudi private sector to invest $1.3 trillion in diversification by 2030: Crown Prince

Published 03/30/2021, 01:48 PM
Updated 03/30/2021, 01:50 PM
© Reuters. FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman attends a graduation ceremony for the 95th batch of cadets from the King Faisal Air Academy in Riyadh

CAIRO (Reuters) - Saudi Arabia's Crown Prince Mohammed bin Salman said on Tuesday the local private sector will invest 5 trillion riyals ($1.3 trillion) between now and 2030 as part of new programme to help diversify the economy.

The private sector investment is part of the 12 trillion riyals worth of investments in the economy planned by 2030, Prince Mohammed said in a televised speech.

The amount also includes 3 trillion riyals from the country's sovereign wealth fund, the Public Investment Fund (PIF), and 4 trillion riyals as part of a new Saudi investment strategy, he said.

The latest move is an effort by the Saudi government to bring in the private sector alongside the PIF to help diversify the economy to wean it off its dependence on oil.

© Reuters. FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman attends a graduation ceremony for the 95th batch of cadets from the King Faisal Air Academy in Riyadh

Crude oil exports still account for more than half the kingdom's income. ($1 = 3.7503 riyals)

Latest comments

Diversity is the absolute single most important factor for success.
good....not a dumas....by far.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.