saudi cabinet approves economic diversification plan
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

To diversify the national economy

Saudi cabinet approves economic diversification plan

Arab Today, arab today

Arab Today, arab today Saudi cabinet approves economic diversification plan

Saudi Arabia's minister of energy Khalid A Al-Falih
Jeddah - Arab Today

The Saudi cabinet has approved a major plan to diversify the national economy away from oil with an aim to generate 450,000 jobs in non-government sectors by 2020, officials said Tuesday.

The National Transformation Programme (NTP) 2020 also aims to cut public expenditures by 40 percent over the next five years and boost the contribution of the private sector, officials said.

NTP is one of several programmes designed to achieve the goals of the Saudi Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman, 30, who is leading the reform charge.

The NTP will be implemented through 543 initiatives across 24 government bodies at a cost of 270 billion riyals ($72 billion) over the next five years, State Minister Mohammed al-Sheikh told a press conference in the western coastal city of Jeddah.

Minister of Energy, Industry and Mineral Resources Khalid al-Falih said under the Programme, the ministry aims to boost the competitiveness of the Saudi energy sector, double the production of natural gas and boost non-oil exports.

He said the NTP envisages to increase non-oil exports from 185 billion riyals to over 300 billion riyals by 2030.

Under the programme, the ministry plans to build a huge international complex for marine industries that will provide 80,000 jobs and cut imports by $12 billion annually, the minister said.

A number of industrial cities are planned under the Programme that are slated to generate 150,000 jobs, said Faleh who last month replaced long-serving oil minister Ali al-Naimi.

Other programmes under the Vision 2030 include a plan to float less than five percent of giant state oil firm Saudi Aramco on the stock market.

The proceeds would become part of the world's largest state investment fund, with $2 trillion in assets.

Profits from the investment fund would help economic diversification and provide an alternative to oil revenues that have fallen by about half since 2014. 

The collapse has accelerated Saudi efforts to move away from petroleum which still accounts for the bulk of government income.

Among its wide-ranging goals the Vision aims to reduce unemployment, increase women's participation in the workforce, boost private sector economic contributions, and develop cultural and entertainment activities in the kingdom.

Saudi Arabia is one of the world's most conservative societies, but more than half of its citizen population is younger than 25.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi cabinet approves economic diversification plan saudi cabinet approves economic diversification plan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi cabinet approves economic diversification plan saudi cabinet approves economic diversification plan

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday