CAIRO (Reuters) – Saudi Arabia’s Crown Prince Mohammed bin Salman said on Tuesday the local private sector will invest 5 trillion riyals ($1.3 trillion) between now and 2030 as part of new programme to help diversify the economy.
The private sector investment is part of the 12 trillion riyals worth of investments in the economy planned by 2030, Prince Mohammed said in a televised speech.
The amount also includes 3 trillion riyals from the country’s sovereign wealth fund, the Public Investment Fund (PIF), and 4 trillion riyals as part of a new Saudi investment strategy, he said.
The latest move is an effort by the Saudi government to bring in the private sector alongside the PIF to help diversify the economy to wean it off its dependence on oil.
Crude oil exports still account for more than half the kingdom’s income. ($1 = 3.7503 riyals)
(Reporting by Alaa Swilam, Saeed Azhar and Ghaida Ghantous; Editing by Kevin Liffey and Sonya Hepinstall)
