Saudi Arabia signed contracts for several mega projects to employ locals, Minister of Finance Mohammed Al-Jadaan said in a press conference today.

 

Other projects are being licensed and will be revealed soon.

 

“The move comes as part of the Kingdom’s plan that targets high-yield strategic investments, employment of Saudi nationals and technology transfer,” Al-Jadaan said.

 

“The Kingdom is giving priority to local investments, and is also open for foreign investments,” he noted.

 

Regarding corporate exits from the market, the minister said 700 firms were licensed in 2018 as compared to 350 a year earlier.

 

The private sector is also expected to benefit from the 2019 expansionary budget, Al-Jaadan indicated.

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