The Saudi crown prince, Mohammed bin Salman , today launched the Saudi investment strategy which involves investments in excess of 12 trillion riyals, around 3 trillion dollars, which will be injected into the local economy until 2030.
The prince, who also carries out the role of Deputy Prime Minister and President of the Council for Economic and Development Affairs in Riyadh, he publicly launched the National Investment Strategy, which is one of the main factors needed to achieve the Kingdom Vision 2030 goals that he himself outlined .
“Our country has enormous investment capacities and we will try to be an engine for our economy and an additional resource for our country,” he said speaking to the national media. Bin Salman added that the Kingdom seeks to invest “in the forces that God has bestowed upon it from a distinct strategic position, a pioneering investment power with an Arab and Islamic depth.”
The national investment strategy will contribute to the growth of the national economy and diversify its sources, achieving many of the goals of the Kingdom’s Vision 2030, including increasing the private sector’s contribution to GDP to 65% and promoting foreign direct investment for reach 5.7% of GDP, increasing the share of non-oil exports from 6% to 50% of non-oil GDP, reducing the unemployment rate to 7% and advancing the Kingdom to one of the top ten positions in the world in the competitiveness index by 2030.
“Today the Kingdom begins a new phase of investment based on our success in increasing opportunities for Saudi and international investors to empower the private sector. There is no doubt that investment is one of the means that will help us achieve the ambitions and aspirations of the Kingdom’s Vision 2030, including the development, diversification and sustainability of the economy, the transfer and localization of technology. , the development of infrastructures, the improvement of the quality of life, the offer of job opportunities, the refinement of the skills of our human resources and the strengthening of their skills, to leave a legacy of prosperity for future generations “, he affirmed the heir to the Saudi throne in his presentation.
The next phase of the national investment strategy involves the development of detailed investment plans for sectors such as industry, renewable energy, transport and logistics, tourism, digital infrastructure and healthcare. The achievement of Riyadh’s investment objectives will take place through concerted efforts and the participation of a number of entities, such as the Public Investment Fund, and through the contribution of major Saudi companies.
Bin Salman explained that investments are an essential element in the economic growth system. As a result, over 12 trillion riyals (approximately $ 3 trillion) will be injected into the local economy until 2030. 5 trillion riyals will come from partner program initiatives and projects, 3 trillion riyals from the Public Investment Fund and 4 trillion riyals from investments by various national and international companies, under the auspices of the National Investment Strategy. In addition, the economy will receive another 10 trillion riyals of government spending through the state general budget over the next ten years and another 5 trillion riyals of private consumption spending for the same period.
The national investment strategy aims to increase net flows of foreign direct investment to 388 billion riyals per year and to increase domestic investment to reach approximately 1.7 trillion riyals per year by 2030. By achieving these goals, we predicts that the Kingdom’s investment / GDP ratio will drop from 22% in 2019 to 30% in 2030, which will contribute to the growth of the Saudi economy to become one of the 15 largest economies in the world.
The Saudi government’s hope is that this strategy will advance investment in the Kingdom at a faster and faster pace, improving the investment environment, increasing its attractiveness and competitiveness, and implementing key corrective measures at the level of the regulatory and legislative framework. .
