Saudi private sector to invest $1.3 trillion in diversification by 2030: Crown Prince

FILE PHOTO: Saudi Arabia’s Crown Prince Mohammed bin Salman attends a graduation ceremony for the 95th batch of cadets from the King Faisal Air Academy in Riyadh, Saudi Arabia December 23, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/

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)

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