Crown Prince says Saudi expenditure in next decade to exceed last 300 years

Crown Prince Mohammed Bin Salman

Crown Prince Mohammed Bin Salman said that several initiatives that will be launched in the short term could boost expenditure over the next decade to SAR 27 trillion, which would exceed spending in the last 300 years.

These initiatives include the launch of a new investment fund, whose size ranges between SAR 500 billion and SAR 1 trillion. The new fund will be set up by the Public Investment Fund (PIF) and other sovereign wealth funds across the region and the world, the Crown Prince said.

Moreover, an ambitious program, between the Ministry of Energy and Saudi Aramco, could add SAR 500 million-SAR 1 billion to total expenditure. Local content initiatives could also add similar amounts, Prince Mohammed explained, noting that the next few years could see an increase in spending by SAR 1.5-3 trillion.

The next-decade expenditure will exceed spending in the last 300 years, namely since the creation of the first Kingdom of Saudi Arabia.

Meanwhile, the government, PIF, large companies, the private sector and local consumers will account for over 90% of the planned SAR 27 trillion expenditure. This investment is steady without any need for foreign investment, which represent less than 10% of target, Prince Mohammed affirmed.