Here’s a quick glance at the Saudi National Transformation Program

Among its major goals is to generate 450,000 jobs, accelerate privatization and cut sharply the state’s wage bill. (Photo courtesy: Saudi NTP)

The Saudi National Transformation Program (NTP) is an ambitious plan to diversify the kingdom’s economy away from oil after prices collapsed in the last two years.

Among its major goals is to generate 450,000 jobs, accelerate privatization and cut sharply the state’s wage bill. The following are the main objectives of the 112-page NTP 2020:

-Generate 450,000 jobs in non-government sectors

-Reduce the wage bill from 45 to 40 percent of the state budget

-Implement more than 500 initiatives at a cost of SR270 billion ($72 billion), 40 percent of which would come from the private sector

-Raise non-oil revenues from SR163.5 billion to a staggering SR530 billion

-Boost public assets from three trillion to five trillion riyals, a 67 percent rise

-Maintain oil production capacity at 12.5 million barrels per day, while raising gas production from 11 billion cubic feet to 17.8 billion cubic feet daily

-Raise the number of annual hajj pilgrims from 1.5 million to 2.5 million, while increasing the number of umrah (minor pilgrimage) visitors from seven million to 15 million per year

-Build an international complex for marine industries that will provide 80,000 jobs and cut imports by $12 billion a year

-Continue to cut subsidies, with reductions in water and electricity subsidies projected to save 200 billion riyals

-Raise the value of non-oil exports from SR185 billion to SR330 billion

-Cut the unemployment rate for Saudis from 11.6 percent to nine percent

-Raise the proportion of women in the job market from 23 percent to 28 percent

-Increase investments in tourism from SR145 billion to SR171.5 billion

-Boost Foreign Direct Investment from SR30 billion to SR70 billion

 

Infographic: Saudi National Transformation Program. (Farwa Rizwan/ Al Arabiya English)

Infographic: Saudi National Transformation Program. (Farwa Rizwan/ Al Arabiya English)

 

Watch: Quick guide to the Saudi transformation program

 

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
Top