The Kingdom of Saudi Arabia has confirmed that its strategic projects for economic development and diversification remain in motion and that the coronavirus pandemic will not affect its long-term economic plans.
Mohammed Al-Jadaan, Saudi Minister of Finance and acting Minister of Economy and Planning, said plans were being worked out to boost the local economy and that research for further diversifying the economy were underway.
The Kingdom is developing clear plans to diversify its economy, Al-Jadaan said during the Euromoney Saudi 2020 conference.
Saudi Arabia is focusing on finding other channels for public revenues, the minister explained, stressing that future plans are being developed to both diversify Saudi Arabia’s economy and avoid fluctuations.
He, however, did not give away details about these plans.
The minister cited the strong appetite of foreign investors in the Kingdom to back claims that the Saudi economy has recorded positive indicators in the aftermath of the coronavirus pandemic.
“The Saudi economy has demonstrated very positive signals, with a strong response from the local tourism sector after reopening the economy,” he said, adding that the domestic tourism witnessed a 10% growth.
The Saudi minister affirmed that the Kingdom has continued to invest in infrastructure and technology sectors since the beginning of the year, and is committed to proceed with new projects.
“The COVID-19 pandemic will not impact our long-term plans,” the minister added, noting that Vision 2030 focuses mainly on economic diversification and the private sector empowerment.
Al-Jadaan also underlined that Saudi Arabia has provided over SAR 218 billion in support packages to the private sector during the COVID-19 crisis.
In addition, the Saudi Arabian Monetary Authority (SAMA) liquidated almost SAR 70 billion assets, which could be injected in the private sector to ensure the sustainability of its activities.
Meanwhile, SAMA pumped huge funds in the banking industry.
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