We will spend more in 10 years than in the last 300 years

Saudi Crown Prince Mohammed bin Salman has said the Kingdom will spend over the next 10 years more than it has spent in the past 300 years.

Prince Mohammed bin Salman added, “When we talk about 27 trillion riyals in the next 10 years, that is a huge number, which includes 3 trillion riyals announced by the Public Investment Fund, 5 trillion from large corporations. and 4 trillion investment strategy, details of which will be announced later, in addition to a budget. The government is 10 trillion riyals, and those funds are there. “

The Crown Prince has indicated that this number includes 5 trillion of private consumption, and that number could increase, and there could be initiatives to increase that amount.

Regarding the Public Investment Fund, Prince Mohammed bin Salman said: “The Public Investment Fund is working on a fund that has invested in Saudi Arabia, and we are discussing with sovereign wealth funds around the world to create this fund, and its size will be half. to an additional one trillion riyals, not included in the amount of 27 trillion riyals, this is in addition to We are working with the Department of Energy and Aramco on an ambitious program that will add between half a trillion riyals over the years. Next 10 years. “

The crown prince claimed that spending 27 trillion riyals means that spending in the Kingdom will be more than spending in Saudi Arabian history, including the pre-oil and post-oil phase, which is very significant. great opportunities.

He added: “The Kingdom will experience a surge in investments in the coming years, of three trillion riyals, pumped by the Public Investment Fund until 2030, as announced at the beginning of this year, in addition to four trillion riyals which will be pumped out under the aegis of the national investment strategy, and its details will be announced shortly. “Thus, the total investment that will be injected into the national economy is 12 trillion riyals up to to the year “2030”.

Prince Mohammed bin Salman

“This does not include public expenditure estimated at 10,000 billion riyals over the next ten years, and private consumption expenditure is expected to reach 5,000 billion riyals through 2030, bringing the total of what will be spent in the Kingdom of Saudi Arabia at 27 trillion riyals (7 trillion dollars), during the ten years. The next years “.

The Crown Prince explained that the investments that the private sector will pump, supported by a “partner” program, will create hundreds of thousands of new jobs and that the contribution of the private sector to the GDP will increase, in order to achieve the goal. set within the framework of the objectives of the Kingdom’s vision, which aims to increase the contribution of this sector to 65% by 2030.