In a strategic move to bolster its economy, Saudi Arabia is on the verge of securing over $11.2 billion through the divestment of stakes in its most prized asset, the petroleum behemoth Aramco. This influx of capital is a major step in the kingdom’s ambitious agenda to broaden its economic landscape, stretching beyond its traditional oil-reliant roots.
The nation, under the stewardship of Crown Prince Mohammed bin Salman, is navigating the choppy waters of funding an array of colossal undertakings, including the creation of a new metropolis and the establishment of a prominent global airline. The kingdom has already upscaled a debt issuance to $12 billion earlier in the year and has redirected substantial sums from its foreign-currency reserves into its sovereign wealth fund to support these initiatives.
With its eyes set on hosting the World Expo 2030 and being a strong contender for the 2034 FIFA World Cup, Saudi Arabia is investing in a new metro megaproject. This infrastructure endeavor is not only anticipated to revamp the country’s global standing but also to accelerate the transformation of its economic framework, marking a pivotal shift in the region’s development trajectory.