SAUDI LAUNCHES $1.3 TRILLION PRIVATE SECTOR INVESTMENT PUSH


01/04/2021




Aslıhan DOĞRU -TDO- In Saudi Arabia, it was announced that Aramco and petrochemical giant SABIC will launch a massive $1.3 trillion investment program in the country's private sector by 2030 in an effort to diversify the oil-based economy.

Thanks to this practice, it was stated that it is aimed to provide employment to millions of citizens in different business areas in the country and to change the oil-based country's economy with the developing world.

In Saudi Arabia, more than 50% of government revenues come from an oil-based economy.

Crown Prince Mohammed Bin Salman said on state television that they aim to invest a total of $3 trillion by 2030, about half of which will be made under the Public Investment Fund (PIF) and the Saudi investment strategy.

Prince Bin Salman said the investment program would produce added value at the end of 10 years, equivalent to 65% of the country's gross national product.

Saudi Arabian Economy Minister Mohammed al-Jadaan said 24 different companies would participate in the investment program and that an investment of about $550 billion would be completed by 2025.


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