Saudi Arabia unveils $1 trillion infrastructure investment plan
RIYADH, 8 days ago
Saudi Arabia's non-oil sector is poised for substantial growth over the next two years, mainly driven by the expansion of prime industries, said its economy and planning minister.
Faisal Alibrahim was speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, said the ministry in its statement.
Addressing the gathering, the minister said infrastructure investments are expected to reach approximately $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies
Alibrahim emphasized PIF's central role in economic growth by establishing and funding strategic companies.
He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development.
The minister stressed that PIF's mission extends beyond financial returns, playing a crucial role in advancing the knowledge economy and introducing innovative business models, said the statement.
He also underscored PIF's commitment to developing national talent and human capital.
On Saudi Vision 2030, Minister Alibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports.
He described the kingdom's economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy, said the statement from the ministry.
He concluded by reaffirming PIF's pivotal role in fostering public-private partnerships and supporting sustainable growth, ensuring the successful realization of Saudi Vision 2030.-TradeArabia News Service
