Riyadh – By 2030, Saudi Arabia won’t regard oil prices and the Public Investment Fund will be the primary incentive to diversify income resources over the coming years, according to Saudi Minister of Finance Mohammed Al-Jadaan.
Jadaan was speaking at the Youths and Opportunities’ Forum organized by King Salman Youth Center in Riyadh, and stated that by 2030 Saudi Arabia will not care about the oil prices because the Saudi Vision will take the country’s economy into post-oil era.
Jadaan addressed the young attendees and explained the strong foundations basing Vision 2030 including the special geographic location of the kingdom linking three continents, in addition to the Islamic and Arab depth of the country. He added that the Public Investment Fund will be the primary motivation to expand the income sources.
Finance Minister said that Aramco is a source of pride for all Saudis and offered a true example that a Saudi citizen is capable of leading one of the world’s largest companies. He also explained the investment opportunities expected to be gained through the IPO of Aramco.
He stated during the first quarter, Saudi Arabia’s revenues were less than expenditure by $52.3 million, adding that deficit dropped 12 percent following the cuts made as a result of the dramatic drop in oil revenues.
“This is a very encouraging figure and clearly reflects our aim to achieve a balanced budget in 2020,” added the minister.
Financial balance will be achieved through several main points including ending financial corruption, according to the minister.
Saudi Minister of Commerce and Investment Majid al-Qasabi stated that Vision 2030 had determined the responsibilities and duties of each. He told the Saudi youth during the meeting that the Vision regulates what each minister should do and holds him accountable for each task.
The minister added that there are numerous capabilities and opportunities in the country that hadn’t been invested or benefited from. He called upon the young Saudis to invest in their energy and powers to achieve what they aim.
Communication and Information Technology Minister Abdullah al-Swaha said that during the coming stage, the ministry will offer a package of new programs that serves the communication sector. He promised the attendees of the best.