McKinsey & Co expects that Saudi Arabia will double its spending on industrial projects and major projects by more than three times, to exceed $175 billion annually, starting next year.
McKinsey added that the existing projects include NEOM and the Red Sea resorts, with a total value of $1.3 trillion, while the Kingdom’s spending on projects is expected to rise by $180 billion annually in 2026 and 2027.
The Saudi Crown Prince, Prince Mohammed bin Salman, confirmed in his recent interview with the American Fox News channel that the Saudi non-oil economy this year will be one of the fastest in the G20.
The Crown Prince added, “The Saudi economy is number 17 in the world, and we can return to the list of 7.”
The Saudi Crown Prince confirmed that new targets have been set with greater ambition for Vision 2030, and pointed out that “work is underway to accomplish some things that we look forward to completing in the first half of 2024, and after that we must move on to implementing and preparing for Vision 2040, and announcing it in the first half of 2024.” “2027 or 2028, this is the main thing we are focusing on.”