Saudi Arabia in $6 trillion investment push for next decade

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

As part of efforts towards attracting investors to Saudi Arabia, the Kingdom has revealed through the crown prince that it is offering $6 trillion investment opportunities in the next decade. Reuters reports.

Crown Prince Mohammed bin Salman who made the disclosure on Thursday, at the World Economic Forum, said the offer from the kingdom is made with new projects representing half of this value.

According to the speech from Salman, the kingdom’s sovereign investment fund, the Public Investment Fund (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.

Wikipedia sources reveal that the economy of Saudi Arabia is one of the top twenty economies in the world, and the largest economy in the Arab world and the Middle East.

Saudi Arabia, which is part of the G20 group of countries, has a population of 34,173,498 in 2020 comprising of 3.1 million Saudis, 10.7 million non-Saudis and a labor force of 13.8 million

The labor force by occupation is broken down as agriculture: 6.7%, Industry: 21.4% and services: 71.9%

Its main industries are crude oil production, petroleum refining, petrochemicals,  ammonia, industrial gases, sodium hydroxide, cement, fertilizer, plastics, metals, ship repair, aircraft repair and construction.

On ease-of-doing-business, the kingdom is ranked 62nd globally.

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