Saudi Arabia’s Public Investment Fund plans to invest up to 1 trillion riyals ($266.57 billion) in the domestic economy by 2025, Yasir al-Rumayyan, the sovereign wealth fund’s governor said on Monday.
He was speaking at a forum in Riyadh following Saudi Arabia’s announcement of its 2022 budget.
Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic.
After an expected fiscal deficit of 2.7 percent of gross domestic product this year, Riyadh estimates it will achieve a surplus of 90 billion riyals ($23.99 billion), or 2.5 percent of GDP, next year - its first surplus since it went into a deficit after oil prices crashed in 2014.
“The surpluses will be used to increase government reserves, to meet the coronavirus pandemic needs, strengthen the kingdom’s financial position, and raise its capabilities to face global shocks and crises,” Crown Prince Mohammed bin Salman was quoted as saying by Saudi state press agency SPA.