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More than $3.2 trillion set to be invested in Saudi Arabia by 2030: minister

Saudi Arabia

Saudi Investment Minister Khalid Al-Falih. Image: File

RIYADH: More than SR12 trillion ($3.2 trillion) is set to be ploughed into Saudi Arabia by 2030, as the kingdom seeks to diversify its economy away from the oil sector, Arab News quoted the minister of investment, as saying.

Speaking at a forum in Riyadh in the wake of the 2022 budget announcement, Khalid Al-Falih said the Kingdom was aiming to attract SR1.8 trillion in foreign investment over the next nine years.

The minister highlighted some 300 legislative reforms made by the Saudi government as it seeks to open up its economy.

Reflecting on his ministry’s work in 2021, Al-Falih said: “As you have seen at the investment forum, 44 international companies have signed and received permission to establish regional headquarters in Riyadh.”

The budget shows that Saudi Arabia is expecting a surplus next year for the first time since 2013.

Ministers are forecasting a surplus of SR90 billion, while total revenues for 2022 are estimated at SR1.05 trillion.

Spending is estimated to come in at SR955 billion, the lowest level since 2017.

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