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FINANCIAL NEWS
Saudi Arabia confirms economic diversification plan
07 Jun 2016
(MENAFN) Saudi Arabia approved a main plan to spread the national economy from oil with an aim to produce 450,000 jobs in non-government sectors by 2020.
Additionally, the National Transformation Program 2020 also aims to reduce public expenditures by 40 percent in the coming five years.
The program will be applied among 543 initiatives across 24 government bodies at a cost of USD 7.19bn over the next five years.
Moreover, the ministry aims to boost the competitiveness of the Saudi energy sector, double the production of natural gas and enhance non-oil exports.
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