Saudi crown prince pitches $6 trillion investment opportunities in kingdom
We show you our most important and recent visitors news details Saudi crown prince pitches $6 trillion investment opportunities in kingdom in the following article
Hind Al Soulia – Riyadh – The opportunities are part of the young prince’s Vision 2030 aimed at ending the kingdom’s dependence on oil and transforming it into a global investment power.
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz participates in a dialogue session during the World Economic Forum in Alula, Saudi Arabia, January 13, 2021. (AFP)
LONDON – Saudi Crown Prince Mohammed bin Salman bin Abdulaziz said the kingdom offers investment opportunities worth $6 trillion over the next decade, with new projects representing half of this value, state news agency SPA reported, citing his speech at the World Economic Forum on Wednesday.
The opportunities are part of the young prince’s Vision 2030, aimed at ending the kingdom’s dependence on oil and transforming it into a global investment power.
The crown prince plans to create new sectors and develop domestic projects that would create jobs for millions of Saudis, through the Public Investment Fund (PIF), the kingdom’s sovereign investment fund that acts as the main vehicle to boost investment at home and abroad.
PIF will finance 85% of these opportunities along with the Saudi private sector, while the remaining financing will come from capital investments from investors in the Gulf and globally, SPA said, quoting the prince’s speech.
The PIF is the cornerstone investor in a number of mega projects, including a high-tech economic zone dubbed NEOM planned for an area close to the size of Belgium, an entertainment park outside Riyadh called Qiddiya being built on a site 2-1/2 times larger than Disney World and a luxury tourist resort off the Red Sea coast that will span 50 islands.
This week, Crown Prince Mohammed unveiled plans to build a zero-carbon city at NEOM, with infrastructure costs of $100 billion to $200 billion.
The world’s top oil exporter is expected to borrow tens of billions of dollars this year to fill state coffers hit by lower oil prices and to boost liquidity at the PIF.
These were the details of the news Saudi crown prince pitches $6 trillion investment opportunities in kingdom for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at The Arab Weekly and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.