Rubenstein: Saudi change is similar to the difference between night and day

The chairman one of the world's largest investment firms, the Carlyle Group, described the Saudi investment environment before and after the introduction of Vision 2030 as the difference between day and night.

In an interview with Al Arabiya news channel on the sidelines of the Future Investment Initiative, David Rubenstein, said that the kingdom has become more attractive for foreign investment after the introduction of Vision 2030.

"I have been in Saudi Arabia for more than 25 years and I am already investing in Saudi Arabia, but the atmosphere is now more encouraging and will encourage more capital attraction," Rubinstein said.

Crown Prince Mohammed bin Salman, announced the Saudi Vision 2030 for the Kingdom on April 2016, which aims to diversify the Saudi economy and reduce dependence on oil.

The vision includes the establishment of the largest sovereign investment fund with a total value of more than $2 trillion, after the privatization of Saudi Aramco, which will also become the largest company in the world.

Economists, experts, investors and analysts are currently awaiting the listing of the Initial Public Offering for the 5% sale of the company.

Among other positive developments, Saudi Arabia also announced in May 10 programs of strategic importance to achieve Vision 2030.

The goal of Vision 2030 is to make the Kingdom's economy more prosperous and more vibrant while adhering to Islamic values and a well-established national identity.

Alongside Vision 2030, parallel programs were initiated like the National Transition Program 2020, which was launched on June 6 last year, and the Financial Balancing Program 2020, which was launched on December 22.

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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