Private Sector Stimulus Office in Saudi Arabia’s Invests $53bn On Non-Oil Companies

Saudi Arabia is always looking for better expansions in the their country by trying to invest in different fields. This was witnessed in many different private and public sectors as both are accelerated towards creating a better platform which they can rise on.

According to reports released by the Private Sector Stimulus Office, the managing director in the company, Naif Al-Rasheed is looking forward to investing on companies in many different fields including real estate, hospitality, healthcare and education sectors. This investment will reach a total of Saudi Arabia’s 200 billion-riyal ($53 billion) which is directed and focused towards companies that are not in the oil field; in means to support or the struggling industries in Saudi Arabia. This was all part of a plan created by the Private Sector Stimulus Office that should last until 2021. However, results show that the plans might continue beyond that in order to be as effective as possible.

Al-Rasheed commented on the news saying, “The office has a long-term mandate to continuously support the private sector through economic cycles. The PMI figures show that confidence has started to pick up,” he said. “I see positive growth over the rest of the year, and expect to see a pickup in the number of new start-ups and more job creation as well.”

This plan was created by Crown Prince Mohammed bin Salman as means to lower the dependency of the country on crude and other oil products.