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Abu Dhabi, UAESunday 17 January 2021

Saudi Arabia offers $6tn of investment opportunities over next decade, Crown Prince says

About $3tn will be linked to some of the major new projects under development, Mohammed bin Salman tells World Economic Forum

A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Saudi Arabia. AFP
A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Saudi Arabia. AFP

Saudi Arabia will offer $6 trillion worth of major opportunities to investors over the next decade, the kingdom's Crown Prince Mohammed bin Salman said.

Prince Mohammed made the comments during an online briefing session held by the World Economic Forum, the Saudi Press Agency said.

The opportunities on offer "include $3 trillion in investments in new projects, within the framework of the opportunities provided by the kingdom's Vision 2030 and to establish new promising growth sectors", the SPA said.

Saudi Arabia's economy is set to grow at 3.2 per cent this year, King Salman said last month when unveiling a 990 billion riyal budget for 2021. The economy was forecast to shrink 3.7 per cent last year as a result of the Covid-19 pandemic.

Crown Prince Mohammed bin Salman discusses the kingdom's achievements during an online briefing with the World Economic Forum from Al-Ula in Saudi Arabia. Saudi Press Agency
Crown Prince Mohammed bin Salman discusses the kingdom's achievements during an online briefing with the World Economic Forum from Al-Ula in Saudi Arabia. Saudi Press Agency

Earlier this week, Prince Mohammed announced plans for The Line – the first major scheme to be brought forward within the kingdom's $500 billion futuristic city known as Neom. The 170km-long network of communities will be connected by subterranean passenger and freight transport networks, removing the need for cars and roads at ground level.

Neom is one of a number of flagship projects created under Vision 2030. Others include the huge Red Sea tourism project covering 90 offshore islands, the Qiddiya entertainment city near Riyadh and the $20bn Diriyah Gate and Al Ula heritage sites.

The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the kingdom's Public Investment Fund and the local private sector, with the remaining 15 per cent expected to be generated from investment from neighbouring GCC countries and other foreign investors.

He also highlighted Saudi Arabia's ambitions in renewable energy and said the kingdom intends to be a leader in Fourth Industrial Revolution technologies, such as automation and artificial intelligence.

The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the Public Investment Fund. Reuters
The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the Public Investment Fund. Reuters

Prince Mohammed reviewed achievements made since the announcement of the kingdom's Vision 2030 economic diversification plan in 2016, which have included doubling non-oil revenues, empowering women in the workforce and raising the competitiveness of its businesses, the press agency report said.

The Crown Prince said the achievements had been made following rapid transformation and reforms within the past four years, adding that those reforms are set to double within the next decade,

He said that although 2020 was full of challenges, the kingdom was ready to face them. He also said the kingdom remained keen on international cooperation with “partners and friends in the business community and their participation in these promising investment opportunities”.

Updated: January 14, 2021 01:53 PM

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