Saudi plans economic overhaul with $3.2 trillion investment

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Riyadh

Saudi Arabia has announced plans to pump fresh investments worth $3.2 trillion into the national economy by 2030, as the top crude exporter accelerates economic diversification efforts.

The announcement by Crown Prince Mohammed bin Salman underscores a push to jumpstart the domestic economy as the OPEC kingpin battles high youth unemployment and a coronavirus-triggered downturn.

“The total investment injected… into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030,” Prince Mohammed said in a speech carried by state television.

That amount includes three trillion riyals from the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund.

Twenty-four of the kingdom’s biggest companies, including energy giant Aramco and petrochemical firm SABIC.—AFP

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