Riyadh/Davos: – Crown Prince Mohammed bin Salman predicted that there could be an investment of USD 6 trillion in Saudi Arabia in this decade. He made this prediction during the virtual conference of the World Economic Forum. This investment is said to be a part of the ambitious ‘Vision 2030’ of Crown Prince Mohammed bin Salman. Against the background of the fuel market’s volatility, Crown Prince Mohammed had announced ‘Vision 2030’ intending to change the Saudi Arabian image of being an oil-based economy.
Over the last few years, the influence of Iran, Qatar and Turkey is seen to be increasing in the Middle East. The economies of Saudi Arabia and the other Arab countries in the Middle East suffered major setbacks due to the fluctuating oil markets. Taking advantage of this, Iran, Qatar and Turkey aligned forces to reduce the Saudi Arabian influence in the Gulf region. It was also revealed that there were skirmishes between Saudi Arabia and Russia over oil issues. Therefore, questions were being raised on the Vision 2030 announced by Crown Prince Mohammed bin Salman.
Against this background, the statement made by Mohammed bin Salman, during the virtual conference on Wednesday, becomes significant. He clarified that 85% of this vast investment would come from Saudi Arabia’s Public Investment Fund (PIF) and the private sector. He even stated that the balance investment is expected from the Middle East countries and investors worldwide.
Under the Vision 2030, technology, Renewable energy, entertainment, investment and tourism sectors will be a priority for investments. The PIF has already started investing in various technology companies for this purpose, and these companies are being invited to come to Saudi Arabia. These Saudi Arabian efforts are becoming successful and only last month, Google, the leading technology company signed an agreement with Saudi Arabia’s ARAMCO company regarding cloud technology. At the same time, talks have also been started for Undersea cables project with Saudi Arabia.