Saudi crown prince says kingdom offers $6 trillion investment opportunities over next decade - state news agency
LONDON (Reuters) - Saudi Crown Prince Mohammed bin Salman said the kingdom would offer $ 6 trillion in investment opportunities over the next decade. New projects accounted for half that figure, the state news agency reported, citing his speech at the World Economic Forum on Wednesday.
The possibilities are part of the Young Prince's Vision 2030, which aims to end the kingdom's dependence on oil and transform it into a global investment power.
The Prince, known in the West as MbS, plans to create new sectors and develop domestic projects through the Public Investment Fund (PIF), the kingdom's state-owned investment fund, which acts as the main vehicle for encouraging investment, creating jobs for millions of people Saudis create at home and abroad.
Scroll to continue with the content
Book your electric test drive today
A light, compact SUV with enough energy for strenuous days. The brand new All Electric Mazda MX-30, an electrified drive.
PIF will co-fund 85% of these opportunities with the Saudi private sector, while the remaining funding will come from capital investments by Gulf and global investors, the Saudi press agency said, citing the prince's speech.
The PIF is the cornerstone of a number of mega-projects, including a high-tech economic zone called NEOM, which is planned for an area close to the size of Belgium. An entertainment park outside of Riyadh called Qiddiya will be built two and a half times larger than Disney World and a luxury resort off the Red Sea coast that will include 50 islands.
This week, Prince Mohammed revealed plans to build a carbon-free 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 increase liquidity at the PIF.
(Reporting by Alaa Swilam in Cairo and Marwa Rashad in London; editing by Grant McCool and Matthew Lewis)
Wendy Williams says no interest in meeting ex Kevin Hunter’s daughter
The Latest: California reports 2nd highest daily deaths
All the Details on Jennifer Lopez and Lady Gaga's Meaningful Inauguration Day Looks
Behold: Lady Gaga's Custom Schiaparelli Golden Inauguration Dove
MLB Rumors: George Springer, Blue Jays agree to huge six-year contract
Andrew Berry on Odell Beckham Jr.: You always want somebody that talented on the field