Saudi Arabia will spend $ 7 trillion on economic development until 2030

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The Crown Prince of Saudi Arabia, Mohammad bin Salman, said that the country’s authorities are going to attract 27 trillion rials ($ 7 trillion) to the country’s economy.

“In the coming years, the kingdom will see a big leap in terms of investment, 3 trillion riyals will be allocated by a sovereign investment fund until 2030, as announced earlier this year,” the Saudi News Agency (SPA) quoted him as saying on Tuesday, March 30.

Another 4 trillion riyals will be invested under the national investment strategy. Thus, by 2030, the total investment in the country’s economy will amount to 12 trillion riyals. At the same time, 10 trillion riyals of government spending and other expenses are not yet taken into account.

“Over the next ten years, 27 trillion rials will be spent in Saudi Arabia,” the prince said.

According to Salman, the kingdom plans to spend more in the next 10 years than in the past 300 years.

In February, Saudi Arabia launched a plan to further cut oil production by 1 million barrels per day (b / d).