$3 trillion program to benefit private sector
Success in the global economy is based on a multitude of national factors working in tandem toward progress. But specifically, the key to advancing is having sound relations between the public and private sector in order to connect capital, make strategic investments, and diversify the economy accordingly.
This week, KSA made important, historic strides in advancing on our current progress within the global economy with adherence to these points. The Crown Prince has launched a new initiative to advance the private sector with a $3.2 trillion program. Within the year, the kingdom plans to advance from the 18th best economy to the 15th, swiftly replacing the Netherlands, Indonesia, and Mexico.
According to the Arab News, Saudi Finance Minister Mohammed Al-Jadaan said the program was “yet another way the government is working in partnership with the private sector to accelerate the sustainable growth of our economy in a balanced way that benefits the economy, the citizens and the companies involved.”
KSA is the third-largest export of oil in the world (behind the US and Russia) which is key in our success in the global economy currently. But in order to advance further, we must diversify into other industries. Because as we saw from this past year with stunted demand for oil with limited travel due to the COVID-19 pandemic, investing in one main economic export will only limit our growth as a nation long-term.
This is why, with this initiative, Mukatafa encourages the private sector to take advantage of this stipend and heavily invest in the retail sector. From grocery, food, and beverage, to luxury fashion, industries outside of oil are booming in Saudi and will continue to grow in the coming years.
This news directly advances the cross-sectoral collaboration Mukatafa works to integrate within and we would love to be strategic counselors for you on this journey.
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Together, we’re creating a future where everyone wins.