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You need to accept change like this that is radical.”The 5 trillion riyals from private firms is part of a 27 trillion-riyal investment strategy Prince Mohammed outlined for the next 10 years.

The PIF holds large stakes in many Saudi companies, most notable Saudi Telecom Co and National Commercial Bank.

Around 2 trillion riyals is expected to come from foreign investment, including from the Middle East and Western and Asian investors.

That would translate to more than $50 billion of foreign investment per year, compared to $4.6 billion in 2019.“Yes, it’s ambitious.

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Published On: Wed, 31 Mar 2021 13:00:00 GMT