Saudi Arabia’s Investment Minister said on Tuesday it was time for the kingdom's wealth fund, the Public Investment Fund, and the government to step back and allow the private sector to help develop the country's ambitious giga-projects slated for completion by 2030.
“Now is the time to say to the private sector: you've seen us do what we promised, you've seen us exceed our targets, so it is time for us to scale back on this government or PIF spend and let the private sector come in and start investing,” Khalid Al Falih told the Future Investment Institute conference in Riyadh.
“This is what we're doing day in and day out at the Ministry of Investment, at the PIF and across the government,” he added.
Saudi Arabia, the world’s largest exporter of oil, is looking to diversify its rentier economy through the Vision 2030 transformation plan launched by Crown Prince Mohammed bin Salman in 2016.
The plan includes the development of large-scale schemes, known as giga-projects, including the futuristic city of Neom straddling the Jordanian and Egyptian borders. The broader blueprint includes adding more renewable capacity to Saudi Arabia’s power grid, as well as developing mining and industrial clusters.
Many of these projects were funded and developed by the PIF, one of the world’s largest sovereign wealth funds, with more than $900 billion worth of assets under management.
Riyadh’s plans to rapidly scale up its giga-projects, however, have encountered several headwinds including ballooning costs. Neom, which was initially slated at $500 billion, is now estimated to cost up to $8.8 trillion according to a March report by The Wall Street Journal. Neom’s new cost outlay is more than 25 times the kingdom’s planned budget for 2025.
Saudi Arabia has revised plans for several projects including The Line, originally a 170km long car-free development meant to house up to nine million people. The tightened purse strings have prompted the kingdom to court more private investments in these developments.
At FII, dubbed Davos of the Desert and now in its ninth iteration, Mr Al Falih touted Saudi Arabia’s investment credentials to global chief executives of companies including BlackRock, KKR, Brookfield Asset Management and JPMorgan.
“Global FDI last year declined 11 per cent. Our FDI over the same period, quadrupled and our aggressive targets are being exceeded,” he said.
He also said that 90 per cent of FDI directed towards Saudi Arabia was non-oil but did not elaborate.
PIF governor Yasir Al Rumayyan said at the opening of FII that foreign investment in the kingdom grew 24 per cent last year to $31.7 billion.
“We have taken Saudi Arabia to the world and now the world is coming to Saudi Arabia … to the FII every year, to the expo in 2030 and to the Fifa World Cup in 2034,” he said.
At last year’s event, Mr Al Rumayyan said the PIF would downsize its international portfolio to invest more heavily in developing domestic projects.
Mountain%20Boy
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
Company%20Profile
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UAE currency: the story behind the money in your pockets
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
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More from Neighbourhood Watch:
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
RESULTS
5pm: Maiden (PA) Dh80,000 1,200m
Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer)
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
Winner: Noof KB, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
Winner: Taamol, Jim Crowley, Ali Rashid Al Raihe
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: AF Mekhbat, Antonio Fresu, Ernst Oertel
The%20specs
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Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
SPECS
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PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
![“[Our] main objective is to study the historical landscape, to better understand the foundation of [the Kingdom of Saudi Arabia’s] social and economic development,” heritage management senior director for DGDA, Paola Pesaresi tells The National](https://www.thenationalnews.com/resizer/v2/WKTDTA3V75GJBPFCXI3CVNBVYE.jpg?smart=true&auth=cac7bc51a9c261099db89f9c424d5b617cd24955183b2d4603a5a86184f191e0&width=800&height=450)
![Natural heritage, cultural heritage and community are the three keys to understanding life in the area. We go through the proper value assessment, with the support of the [local] communities, in order to have them at the centre of any decision making," Pesaresi adds](https://www.thenationalnews.com/resizer/v2/WAE4APNZMBH6TF23RFSIF6YIFU.jpg?smart=true&auth=75c81f994d54920c95201878b63a5f39fe0de45f112d68c67a1ee9756c5b838f&width=800&height=450)
