Saudi Minister of Economy: Infrastructure Projects Require $1 Trillion by 2030
Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, stated that investments in Saudi Arabia's infrastructure sector are expected to reach nearly $1 trillion by 2030, Saudi Gazette reported.
Such expectation is based on clear economic objectives and long-term private-sector strategies.
Speaking at the Public Investment Fund (PIF) and Private Sector Forum in Riyadh, the minister said that Saudi Arabia's non-oil sector is also expected to witness a substantial growth by 2026.
In the same context, Al-Ibrahim underscored PIF's pivotal role in economic growth by through the establishment of funding strategic companies.
Consequently, the fund's role has evolved over time to include various investments aimed at achieving future returns and growth in assets under management. Moreover, the PIF has played a central role in creating new sectors and boosting in the private sector.
The minister also stressed that PIF's mission goes beyond financial returns, advancing economic knowledge and introducing innovative business models.
Al-Ibrahim underscored PIF's dedication to developing national talent and human capital.
As for the Saudi Vision 2030, the minister stressed the significance of diversifying the economy and cutting dependency on a single revenue source by boosting non-oil sectors and high-value exports.
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