Saudi Crown Prince Mohammed bin Salman revealed in clearer terms the intricacies of a new investment strategy aimed at raising the kingdom’s net foreign direct investment to 388 billon riyals (approximately US$103.45 billion) yearly.
As part of this new strategy, the authorities of the kingdom hope to accelerate the growth of local investments, with a target currently set at 1.7 trillion riyals yearly by 2030.
In an earlier statement released in March, the crown prince of the kingdom stated that it was working towards12 trillion riyals worth of investments by 2030.
This is part of a 27-trillion-riyal spending effort aimed at diversifying the economy and shifting the largest exporter of oil on the globe farther away from oil dependency.
Of the figure stated above, about 5 trillion riyals came from the local private sector, 3 trillion riyals came fromSaudi Arabia’s sovereign wealth fund, the Public Investment Fund, and 4 trillion riyals under a new Saudi investment strategy, of which some 2 trillion would be foreign investment.
“The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions and enhancing competitiveness,” state news agency SPA said on Monday.
Saudi Arabia’s drive to increase domestic investment was a necessary response to a fall in foreign direct investment into the country over the past few years.
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