Saudi Arabia to reduce spending on oil sector by $40bn and target mining
The authorities of Saudi Arabia plan to reduce spending on the oil sector of the economy by $40bn by 2028, focusing on the development of renewable energy and mining, TASS reports
Citing data from the American banking group Goldman Sachs Group, Bloomberg reported that Riyadh intends to redirect about 73 percent of investments to sectors of the economy that are not related to oil production by 2030. As a result, a quarter of the remaining funds allocated by the authorities for the development of strategic industries by the end of this decade will be directed to the oil industry. This is how the kingdom wants to diversify its economy, giving preference to the development of metallurgy, transport and logistics, alongside digitalisation.
According to Goldman Sachs analyst Faisal Al Azmeh, natural gas ‘will continue to serve as a key factor in the country’s plans to reduce carbon dioxide emissions and in its economic development’.
