Neom: His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Chairman of the Council for Economic and Development Affairs launched the National Investment Strategy (NIS) today. NIS will be a crucial enabler to the Vision 2030 delivery.
The NIS is a catalyst to the Kingdom’s economic transformation plan Vision 2030, outlined by His Royal Highness during its launch five years ago.
NIS is expected to contribute to the growth and diversification of the Kingdom’s economy. NIS will increase the private sector’s contribution to GDP to 65%; FDI to GDP to 5.7%; contribution of non-oil exports to GDP from 16% to 50%; reducing the unemployment rate to 7%; and positioning the Kingdom among the top ten economies in the Global Competitiveness Index; by 2030.
At the NIS launch, his Royal Highness Prince Mohammed bin Salman said: “Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. Investment, without a doubt, is one of the main routes for us to achieve the ambitions and aspirations of Vision 2030, among them economic development, sustainability, and diversification; technology transfer and localization; infrastructure development; better quality of life; upskilling of our human resources and job opportunities, leaving a legacy of prosperity for future generations.”
Additionally, His Royal Highness said, “The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions, and enhancing competitiveness. It also clarifies the partnership between the public and private sectors, as our mission is now to open the door to the private sector and allow it to grow and prosper.”
His Royal Highness, the Crown Prince, said the NIS would draw up comprehensive investment plans for sectors, including manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care.
His Royal Highness, the Crown Prince, ended his announcement by emphasizing the importance of investment in driving the economic growth and sustainable development targeted under Vision 2030. He highlighted that more than SAR 12 trillion will be injected into the national economy through investment activity by 2030. Further, the economy will receive SAR 10 trillion through government spending during the next ten years and a further SAR 5 trillion from private consumption spending in the same period. This represents a total injection of SAR 27 trillion ($7 trillion) in the next decade.
NIS-driven GDP growth is expected to go from 22% in 2019 to 30% by 2030, bringing the KSA’s economy among the 15 most significant in the world. NIS is also expected to increase the annual FDI flow to SAR 388 billion and raise the yearly domestic investment to SAR 1.7 trillion by 2030.