Saudi Arabia plans $1tn investment in non-oil economy by 2030: analysts

Saudi investment plans

According to the Goldman Sachs report, clean energy spending will reach $235bn, more than the previously forecast $148bn, as Saudi Arabia looks to more than double 2030 targets.

Faisal Al Azmeh, head of equity research for Central and Eastern Europe, the Middle East and Africa at Goldman Sachs, said: “Under a directive from Saudi Arabia’s energy ministry, capex in the oil sector is likely to shrink by $40 billion between 2024 and 2028.

“However, natural gas continues to be “a key contributor to the country’s decarbonization, economic development, and diversification plans”.

He estimate Saudi Arabia’s potential investments in “upstream” oil and gas has shrunk to $190-220bn from the previous range of $230-260bn.

Source: REUTER