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Saudi Arabia to boost non-oil sector development to diversify economy
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-07-29 15:50
The Saudi Press Agency (SPA) reported July 16 that Saudi Arabia and the United States signed 18 cooperation agreements during U.S. President Joe Biden's visit to the Kingdom the previous day.

The agreements cover a range of areas such as aerospace, technology, medicine, energy and investment and align with Crown Prince Mohammed bin Salman's "Saudi Vision 2030" aimed at bolstering the non-oil sector and making the country less reliant on oil revenues.

Saudi Arabia attracted US$1.97 billion in foreign direct investment in the first quarter of 2022, representing a year-over-year increase of 9.5%, according to the UNCTAD World Investment Report 2022.

Saudi Minister of Investment Khalid Al-Falih said that overall investment in the country totals US$240 billion, with a fourfold increase in FDI to US$19.2 billion since the Vision's inception in 2016. By sector, energy, petrochemicals, air travel, and national defense account for the bulk of the investment.

Saudi Arabia plans to develop the ICT, green energy and tourism sectors with the aim of seeking wider investment opportunities and raising the private sector's contribution to the Saudi economy.

The memorandum of cooperation between the Saudi Ministry of Communications and Information Technology (MICT) and the U.S. National Communications and Information Administration (NCIA) ensures Saudi Arabia's bilateral cooperation with the U.S. on 5G and 6G technologies.

According to an Al Arabiya news report, the Crown Prince announced on Jan. 10, 2021, a linear city concept dubbed "The Line," situated in the country's northwestern Tabuk Region, in which the Saudis plan to build a 170-km-long, belt-shaped smart city that is 100% powered by renewable energy, which is expected to create 380,000 job opportunities and boost GDP by US$48 billion by 2030.

Sources: International Trade Agency, MOEA; Saudi Press Agency (SPA); Al Arabiya

Update: 2020-04-23
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