Saudi Arabia’s Announcement to pump $3.2 trillion raises doubts

Saudi Arabia’s Announcement To Pump $3.2 Trillion Raises Doubts

• Saudi Arabia launched ‘partner’ program, in partnership with the private sector, to pump huge investments

• The country intends to pump and spend 12 trillion Saudi riyals by 2030

• The total amount will increase to 27 trillion riyals, with government spending and local consumption

• The huge number raises doubts about the Kingdom’s seriousness in paying the amount

• Saudi Arabia is struggling to borrow and secure liquidity during the pandemic

• Experts believe its goal is to attract investments through advertising, without guarantees of pumping the amount

• Experts linked this to Saudi Arabia’s announcement to pressure international companies to move to it

• The country said it will stop contracting with foreign firms based in the Middle East, but not in it

• Such a decision represents a challenge to the UAE, which hosts many international companies