Saudi government to spend $27bn on industry plan
The Saudi Arabian Government on Monday said it will spend 100 billion riyals (about $27 billion) in 2019 and 2020 as part of its industrial development programme.
Aabed Abdullah al-Saadoun, the Saudi deputy Minister of Energy, Industry and Mineral Resources said.
The programme is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.
The programme is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.
Saudi Arabia’s 2019 budget allocated SAR 33 billion for the energy, industry, mining and logistics sectors, Energy Minister Khalid Al-Falih said in a tweet in December.
That is more than three times the amount allocated in the previous budget, he said, in a sign the kingdom is keen to boost diversification in these key sectors to create jobs for Saudis and wean economy off oil. (Reuters/NAN)