Saudi Arabia’s government targets to reach oil contribution rates of up to 50% against construction and tourism projects and several other investments, said Investment Minister Fahd Mansour Al Hashem said in Builders of Egypt Forum 2023.
Al Hashem highlighted that the Kingdom aims not to fully rely on oil derivatives for domestic output in its plan for 2030.
The minister added during the second session entitled “Saudi Arabia’s Giant Projects … Vision, Goals, Partnership Opportunities,” that the Saudi economy has grown by 8.7% over the past year, stressing that this is the result of the previous six years’ work.
During the current period, the Kingdom is also working on a new plan to have foreign investment in all sectors reach 100 percent, which will be done within 12 to 18 months, Al Hashem concluded.
