Arab Today, arab today saudi cabinet approves economic diversification plan
Last Updated : GMT 12:27:57
Arab Today, arab today
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

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*

Arab Today, arab today saudi cabinet approves economic diversification plan Arab Today, arab today saudi cabinet approves economic diversification plan

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally

GMT 08:45 2017 Thursday ,16 February

Hanjin saga reveals S.Korea corporate governance flaws

GMT 09:40 2017 Wednesday ,15 February

Heineken profits drained in 2016 by currency turmoil

GMT 09:10 2017 Tuesday ,14 February

Sharjah Chamber Eyes Strong Economic Ties with Belgium

GMT 08:23 2017 Tuesday ,14 February

Toshiba dives on shock loss-reporting delay

GMT 08:18 2017 Tuesday ,14 February

Banker-financier Mnuchin sworn in as US Treasury chief

GMT 09:14 2017 Monday ,13 February

Algeria buckles up for homegrown auto drive
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday