Riyadh announced new investments worth $3.2 trillion for the national economy by 2030
RIYADH – Saudi Arabia announced plans Tuesday to pump investments worth $3.2 trillion into the national economy by 2030, roping in the kingdom’s biggest companies in a major new push to diversify the oil-reliant economy.
The announcement by de facto ruler Crown Prince Mohammed bin Salman underscores an effort to jumpstart the domestic economy as the top crude exporter battles high youth unemployment and a coronavirus-triggered downturn.
“The total investment injected… into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030,” Prince Mohammed said in a speech carried by state television.
Twenty-four of the kingdom’s biggest companies, including energy giant Aramco and petrochemical firm…
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