Saudi Arabia to invest $186.66bln to develop green economy, create jobs

Saudi Arabia to invest $186.66bln to develop green economy, create jobs

RIYADH — Saudi Arabia has announced investments worth more than SR700 billion to contribute to the development of the green economy, create quality job opportunities, and provide huge investment opportunities for the private sector, according to the Minister of Finance Mohammed Al-Jadaan.

The Minister of Finance made his remarks during the inauguration ceremony of the “Euromoney Saudi 2022" Conference on Wednesday, which is organized by Euromoney Conferences in partnership with the Financial Sector Conference, under the slogan “Institutionalization of Investment and Finance".

He said that the Kingdom's government has been able to control inflation rates at much lower levels than most countries of the world. “The average inflation rate until July of this year was about 2.1% compared to the same period last year, thanks to the policies adopted by the government.”

He noted that in spite of the several challenges the world has faced over the past few years, the Saudi economy has emerged stronger than ever, as the non-oil economy grew by 5.4% in the second quarter of 2022 in real terms compared to the same period in the previous year. The GDP also grew by 11.8%.

According to the International Monetary Fund, for 2022, the GDP growth for the Kingdom is