Sunday, May 19, 2024
HomeNewsMake Saudi Arabia ‘global investment powerhouse’: Digging deep into Prime Minister Mohammed...

Make Saudi Arabia ‘global investment powerhouse’: Digging deep into Prime Minister Mohammed bin Salman’s vision


Mohammed bin Salman, the Crown Prince of Saudi Arabia, was appointed prime minister by royal decree on September 27. The Crown Prince, who is set to sit on the throne after his father King Salman, already possesses a wide range of authority and is regarded as the de facto ruler of the Kingdom.

Also Read: Saudi Arabia’s crown prince Mohammed bin Salman named prime minister

Mohammed bin Salman earlier shared his vision for Saudi Arabia. One of the core goals is to establish the kingdom as a “global investment powerhouse”. The Crown Prince intends to use the investment skills that his country possesses to boost the economy and diversify its sources of income.

What Mohammed bin Salman considers “more precious than oil” is the fact that Saudi Arabia is the house of two of the most sacred sites on earth, Mecca and Madina. More than a billion Muslims turn to face the Kaaba when they are praying, and it is also in Saudi Arabia.

Also Read: No Umrah for non-Muslims: Man arrested for offering it on Queen’s behalf

The Crown Prince wants to turn Saudi Arabia’s advantageous geographic position into a crossroads linking the three continents of Asia, Europe, and Africa. Saudi Arabia is the entrance to the globe and an epicentre of trade due to its physical location between important international waterways, as per Mohammed bin Salman.

While Saudi Arabia is mostly known for its oil, it also has gold, phosphate, uranium and many other valuable minerals, according to the Crown Prince. However, as per him, The true richness of Saudi Arabia is found in the aspirations of its citizens and the potential of its younger generation. “Our people will amaze the world again,” he said.

Also Read: India’s future crude oil supplies will mostly come from Gulf, says oil minister

Under Mohammed bin Salman’s direction, Saudi Arabia is committed to boosting and diversifying its economy’s capabilities and transforming its major advantages into tools that will enable a fully diversified future. He wants to turn the Public Investment Fund into the biggest sovereign wealth fund in the world and transform Aramco from an oil producer into a multinational business.

Saudi Arabia will also urge its largest businesses to cross national boundaries and try international markets. To increase employment prospects for citizens and keep more resources in the nation, it intends to manufacture half of its military requirements in the Kingdom itself.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


Source link


most popular

Recent Comments