Saudi Arabia's economy will grow in 2021 by further privatizing industries including healthcare and waste treatment, said the Kingdom's Minister of Finance Mohammed bin Abdullah al-Jadaan on Wednesday at the fourth edition of the Future Investment Initiative (FII) summit in Riyadh.
Investment into technology to “leapfrog decades that [have been lost]” and modernize the economy will capitalize on the Kingdom’s young population and provide opportunities, he added.
Saudi Arabia’s debt market grew by 200 percent in 2020, said al-Jadaan, as investors looked for predictable returns during a period of worldwide volatility.
He added that the Kingdom’s bond market is likely to see continued growth throughout 2021.
Bonds worth $5 billion were issued on Tuesday, as reported by Bloomberg, following a $1 billion sale of dual-tranche bonds in September.
The finance minister had said last year that privatizations would likely generate north of $50 billion in the next four to five years.
The privatization drive is part of Vision 2030, an ambitious reform plan spearheaded by Crown Prince Mohammed bin Salman, which aims to diversify Saudi Arabia’s economy away from a dependence on oil for a post-hydrocarbon age.