Saturday, 19 October, 2019

Saudi government to spend $27bn on industry plan

EU Adds Saudi To Draft Terrorism Financing List: Sources Saudi Arabia seeks more than $425 billion in investments for massive infrastructure program
Shannon Reynolds | 30 January, 2019, 13:00

The remarks came as he was addressing a gathering on January 26 in Riyadh, the report said.

Launched by Saudi Arabia's Energy Minister Khalid al-Falih, the program brought together leaders of the private sector to discuss projects in mining, industry, logistics and energy.

While US senators and the Central Intelligence Agency have concluded that MBS ordered Khashoggi's assassination, Saudi officials have repeatedly denied the crown prince was involved.

Bin Salman, or MBS, as he's known in the West, has been a vocal proponent of the gradual modernisation of Saudi Arabia's economy and - its social life as well, at least to some extent.

"The (NIDL) programme targets 1.6 trillion Saudi riyals.it is quite ambitious but it is over a 10-year period so we have the time to do it", Mr Falih told a press conference. 'Like, for example, why do we play in China?

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His statement came after Ibrahim al-Mojel, director general of the Saudi Industrial Development Fund, had earlier announced the launch of financing working capital and logistics set for February 13. This as Turkey and Pakistan, among other regional economies, have markedly improved exports of consumer goods over the past two decades, successfully competing with the consumer goods heavyweight, Mainland China.

The government will seek both domestic and foreign investment, the minister added. He said parts of the plan are "ready for negotiations", as first investments into Saudi factories, mining, energy, and transportation sectors are already accepted.

At a later stage, it plans to announce projects in the military, chemicals and small businesses industries worth US$50 billion (S$68 billion), he added. This part of the plan, the minister said, would cost some 135 bln riyals ($36.18 bln).

The Saudi Arabian government said on Monday that it expected the investment in industry and logistics services to reach 1.2 trillion riyals (320 billion US dollars) from 2019-2020, Saudi Press Agency (SPA) reported. Since the crash in oil prices in mid-2014, Saudi Arabia accumulated Dollars 313 billion in budget deficits which was financed through withdrawing from the country's fiscal reserves and borrowing.

Saudi Arabia, which is the world's biggest exporter of oil, has been attempting to reduce its reliance on revenue from crude exports in recent years by cutting bureaucracy and regulations within the private sector.

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