Riyadh (Web Desk – 31st March 2021) "We will spend as much money in the next 10 years as we have not in the last 300 years."
Saudi Crown Prince Mohammed bin Salman announced to take the kingdom to the heights of development and prosperity. He is extremely popular among the Saudi people because of his moderate and progressive policies. In particular, he has given many rights and facilities to Saudi women, due to which they are playing their full role in the development of the Kingdom of Saudi Arabia and increasing their prosperity by supporting their families.
Saudi Arabia's development projects have flooded during the Crown Prince's tenure. Now Prince Muhammad bin Salman bin Abdulaziz has announced a massive investment in the kingdom. According to Al Arabiya News, he has said that the country will spend more money in the next 10 years than it has spent in the last 300 years. Prince Muhammad bin Salman added that Speaking of which, this is a huge 'figure'.
This includes 3 trillion riyals from the public investment fund, 5 trillion riyals from large companies and 4 trillion riyals from the investment strategy, details of which will be announced later. In addition, 10 trillion riyals has been allocated for investment in the budget. Crown Prince Muhammad bin Salman said that 5 trillion riyals will be taken from the private sector in this vast investment.
This amount can be increased and steps can be taken to increase this amount. Regarding the Public Investment Fund, Prince Muhammad bin Salman said that the Public Investment Fund is working on the amount that has been invested in Saudi Arabia. “We are discussing with sovereign funds around the world to set up this fund. The size of this fund can be from half to one trillion riyals which does not include the amount of 27 trillion riyals.”
“In addition, we are working with the Ministry of Energy and Aramco on a passionate program that will add half a trillion riyals over the next 10 years.” He emphasized in his broadcast speech that “The establishment of the private sector is one of the national priorities of Saudi Arabia as the private sector plays an important role in the development and prosperity of the country's economy.
Therefore, the government will continue to support the private sector in achieving the targets set under the Vision 2030. ”Prince Muhammad bin Salman said: “Investment in the country will increase by 30 trillion riyals in the coming years. This investment will be made from the Public Investment Fund. In addition, 40 trillion riyals will be invested under the National Investment Strategy and the details will be announced soon.” He told the gathering.“ By 2030, 120 trillion riyals will be invested in the national economy. This will create thousands of new jobs in the private sector. Over the next decade, new investments under the partnership program will increase the private sector's share of Saudi Arabia's gross domestic product (GDP) to 65%.”
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