Saudi Arabia is aggressively pursuing its Vision 2030 goals, aiming to transform into a minerals and industrial powerhouse with a significant focus on African countries. A top Saudi official emphasized the importance of technology, schools, social developments, and infrastructure in "every good mine, big sizable mine in Africa." Concurrently, Saudi banks are planning to issue a "record amount of debt" this year to fund these ambitious projects, as highlighted by James Reeve, the former chief economist at Jadwa. This move is seen as essential to support Crown Prince Mohammed bin Salman's "multi-trillion dollar economic transformation agenda." Additionally, S&P projects that Saudi Arabia's fiscal and external net asset positions will narrow due to oil production cuts in 2024. The country's Public Investment Fund has become the highest-spending wealth fund globally, deploying "more than $30bn" of fresh capital last year, indicating a dual strategy of international investment and domestic economic overhaul.
Last year Saudi Arabia’s Public investment Fund deployed more than $30bn of fresh capital, making it the highest-spending wealth fund in the world. Yet even as it splurges abroad, its mandate at home is becoming more important https://t.co/Eyfy7RsOMq 👇
Saudi banks could raise a record amount of debt this year as a liquidity squeeze strains MBS's economic transformation agenda https://t.co/WsaComMFTZ
Saudi Arabia Banks Embark on Record Bond Binge for Mega-Projects Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue… https://t.co/byWklbaV43
🔴 S&P PROJECTS: SAUDI ARABIA'S FISCAL & EXTERNAL NET ASSET POSITIONS TO NARROW DUE TO OIL PRODUCTION CUTS IN 2024 AND ACCELERATION OF VISION 2030 PROJECT.
Saudi Arabia’s banks could raise a record amount of debt this year to fund Vision 2030 projects https://t.co/XHpmgu9zuQ via @cmarie_burke https://t.co/tJjEZQMI1K
Saudi banks need to issue bonds to raise money for Vision 2030-related projects: “The one issue which I think is the most troubling for the whole Vision 2030 project is the lack of capital,” says James Reeve, the former chief economist at Jadwa who has since been hired by Saudi…
Saudi Arabia’s banks could raise a record amount of debt this year to fund Crown Prince MBS' Vision 2030 projects https://t.co/ZTURBjHH5Z
“Every good mine, big sizable mine in Africa, you need technology, you need schools, you need social developments, and you need infrastructure.” A top Saudi official told me how Africa is key to its global mining strategy. Read on in @SemaforAfrica https://t.co/gEeRY0MD2O
Saudi Arabia is investing in African countries as part of its plan to become a minerals and industrial powerhouse. A top Saudi official laid out the strategy to my colleague @prashantrao for this @SemaforAfrica story. https://t.co/doCsH1BY95