Saudi’s US$3.2 trillion economic overhaul plan

Crucial role: An employee looks out over oil transport pipelines on the Arabian Sea in Saudi Aramco’s Ras Tanura oil refinery in Saudi Arabia. Aramco will lead the country’s investment drive by contributing five trillion riyals over the next decade. ─ Bloomberg

Riyadh: Saudi Arabia has announced plans to pump investments worth US$3.2 trillion (RM13.28 trillion) into the national economy by 2030, roping in the oil-reliant kingdom’s biggest companies in a major new economic diversification push.

The announcement by de facto ruler Crown Prince Mohammed bin Salman underscores an effort to jumpstart the domestic economy as the top crude exporter battles high youth unemployment and a coronavirus-triggered downturn.