Saudi Arabia seeks to inject its economy with $7 trillion (SR27 trillion) in government spending and investments by 2030 as the KSA plans to be rank in the top 15 global economies, Crown Prince Mohammed bin Salman announced on Monday.
I congratulate my colleagues from @MISA, other government agencies & private institutions, whose joint endeavors contributed to developing our #National_Investment_Strategy. Your contribution to building a prosperous economy following #SaudiVision2030 will forever be remembered.— خالد الفالح | Khalid Al Falih (@Khalid_AlFalih) October 11, 2021
The Kingdom also targets to attract foreign investment of more than $100 billion (388 billion riyals) and raise the annual domestic investment to 1.7 trillion riyals.
These funds are under an initiative launched by the kingdom's de facto ruler; National Investment Strategy (NIS), which comes as part of efforts to diversify the oil-dependent economy, a key enabler to achieve the Saudi goals of Vision 2030.
The NIS, which was announced in 2016, aims at targeting key sectors such as manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care in order to strengthen the Saudi international standing to rank among the top ten economies on the Global Competitiveness Index by 2030.
Among other things, the Kingdom also plans to offer 'new incentives, revamp regulations and create special economic zones to attract more investment and convince multinationals to relocate their regional headquarters to the kingdom', Bloomberg reported.
© 2000 - 2021 Al Bawaba (www.albawaba.com)