These investments mainly focus on manufacturing, mining, energy and transportation sectors, according to the Saudi Press Agency.

Country’s Energy Minister Khalid Al Falih is going to announce the projects worth $18.6 billion today, said Reuters.

Some other projects worth $50 billion on the military, chemicals and small businesses sectors will be announced later.

The Kingdom wishes to attract domestic and foreign investments worth $427 billion.

Projects on new airports and railways are also on the agenda of the government.

Saudi Arabia aims to switch the economy of the country from the oil sector to different ones by 2030.

Another goal of the Kingdom is to raise the private sector’s contribution to GDP from 40% to 65%.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.