Seagulls fly as a man rides his bicycle in front of a port by the Red Sea in Jiddah last year.
“The total investment injected… into the national economy is expected to reach 12 trillion riyals by 2030,” Prince Mohammed said in a speech carried by state television. He said the companies, many of them listed, had agreed to lower their dividends and redirect the money into the domestic economy in exchange for incentives such as subsidies.
The programme is part of a mammoth 27 trillion-riyal investment plan over the next decade, which will include huge government spending to spur the domestic economy, the prince said.
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