On Monday, H.R.H. Deputy Crown Prince Mohammed Bin Salman, accompanied by a high-ranking Saudi delegation including H.E. Eng. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, H.E. Dr. Ibrahim Al-Assaf, Minister of Finance, and H.E. Dr. Majid Al-Kassabi, Minister of Commerce and Investment, arrived in Washington, D.C. The visit aims to further strengthen bilateral trade and investment relations while highlighting the new business opportunities open to U.S. firms in Saudi Arabia as part of the recently released National Transformation Program which details the country’s diversification plans in correlation with the Vision 2030 Plan.
On Friday in Washington, Prince Mohammed met with President Barack Obama. The meeting centered upon areas of mutual importance, including regional security, energy, and the global economy. He also met with other top-level U.S. officials including Secretary of Commerce Penny Pritzker and Congressional leaders. Prince Mohammed will also visit New York City and Silicon Valley, where he will meet with chief executives of major corporations. More...
Saudi Arabia has recently released new information on its anticipated National Transformation Program (NTP), detailing the country’s diversification plans, in correlation with the Vision 2030 Plan. The Kingdom’s goal is to decrease dependency on hydrocarbon-based revenue and further diversify the national economy with development in such industry sectors as manufacturing, healthcare, petrochemicals, mining, and more. The total cost of the NTP’s 543 initiatives will be an estimated $72 billion (SR270 billion) over the next five years, with the private sector contributing 40 percent of the funding. The 112-page plan outlining the NTP’s proposals includes Key Performance Indicators (KPIs), Key Performance Targets (KPTs), benchmarks, and strategic objectives for each of Saudi Arabia’s 24 governing bodies to utilize when they implement the program.
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