Riyadh – Mubasher: Saudi Crown Prince Mohammed bin Salman has made a slew of key economic decisions in 2018.
The 2019 Budget
Bin Salman previously said that non-oil revenues were expected to increase to SAR 313 billion in the kingdom’s 2019 budget, up from SAR 287 billion in the previous year.
The Saudi crown prince, known widely as MBS, said that Saudi Arabia would go ahead with Aramco’s initial public offering (IPO) by late 2020 or early 2021.
In October 2017, Bin Salman who doubles as the head of Saudi Arabia’s sovereign investor Public Investment Fund (PIF), announced a plan to build a $500 billion city in the northwest of the kingdom, known as NEOM with expectations to be finished by 2025.
Davos in the Desert
In the Future Investment Initiative (FII), dubbed “Davos in the Desert”, that took place in Riyadh from 23 to 25 October, bin Salman indicated that he would implement large plans over the coming period in an effort to boost the public and private sector.
The de facto Saudi leader noted that the PIF’s assets exceed $300 billion and are expected to hit near $400 billion by the end of 2018 and SAR 2 trillion by 2030.
Saudi Anti-corruption Drive
In November 2017, the GCC nation announced arresting 11 princes and several former and current ministers.
After this campaign began, bin Salman announced that authorities raised more than $100 billion in settlements.
Translated by: Mohammad Hesham Azab