On Saturday, the 26th of January, 2019, the Saudi Energy Minister, Khalid al-Falih said that the Saudi Arabia had been seeking private sector investments worth of over $427 billion over the next ten year through a thorough industrial development program, as an attempt to diversify its economy.
According to the announcement of the Saudi Energy Minister, the private investments could be made through the NIDLP (National Industrial Development and Logistics Program), one of the major programs brought into light under vision 2030, as a broadened reform strategy led by the Saudi Crown Price, Mohammed bin Salman.
The diversification of Saudi economy through massive-scale industrialization had been intended to shred off the nation’s financial dependencies over petroleum and to create sizeable job opportunities for Saudi nationals.
During the announcement, Falih had been quoted saying that the next Monday, Jan 28th, would broadcast a stockpile of projects worth of 70 billion Saudi Riyals, which were “ready for negotiations”, under the supervision of NIDPL in order to boost the manufacturing, mining, energy and logistics industry.
Falih also mentioned without providing a clear timeframe that the country had plans to announce projects in the chemicals, military and small businesses, at a later stage, worth of $50 billion. Citing an ambitious target to reach 1.6 trillion riyals in private investments over the next decade, in a press conference, Falih said, “The (NIDLP) program targets 1.6 trillion Saudi riyals ... it is quite ambitious but it is over a 10-year period so we have got the time to do it. ”