Saudi reforms paying off as giga-projects surge ahead
Saudi Arabia’s plan to wean itself off dependence on oil is paying off,
while its biggest development projects are moving on unhindered, an
investment forum heard on Thursday.
The country’s non-oil revenues surged by almost half in the third
quarter compared to the same time last year, the Saudi Finance Minister
Mohammed Al-Jadaan told the Future Investment Initiative (FII) in
Riyadh.
That is in line with the aims of the Vision 2030 reform program, under
which Crown Prince Mohammed bin Salman has pledged to reduce what he has
called the Kingdom’s “addiction” to oil.
Al-Jadaan called the increase “significant,” and forecast that the
deficit in the Kingdom’s budget — which was hit hard by the crash in oil
prices — would fall further this year.
“The fiscal balance is really about sustainability. On its own it’s not
really a target… what is really important is to maintain a balanced
budget over the medium term while being very flexible,” he said.
He spoke during the last day of the FII conference, at which agreements
worth $60 billion were announced over three days, with more than 4,000
participants in attendance.
On the final day, the Saudi Arabian General Investment Authority (SAGIA)
announced a series of preliminary deals worth $3.7 billion across the
housing and construction sectors.
Nadhmi Al-Nasr, chief executive of the $500 billion NEOM megacity
project, said talks with prospective partners were continuing, despite
the international fallout from the murder of journalist Jamal Khashoggi
at the Saudi consulate in Istanbul.
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