Saudi Arabia to utilize 2022 oil windfall to propel diversification from fossil fuels 

According to Bloomberg’s surveys of analysts, Saudi Arabia is projected to be one of 20 fast-paced growing economies in 2022. 
According to Bloomberg’s surveys of analysts, Saudi Arabia is projected to be one of 20 fast-paced growing economies in 2022. 
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Updated 23 May 2022
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Saudi Arabia to utilize 2022 oil windfall to propel diversification from fossil fuels 

Saudi Arabia to utilize 2022 oil windfall to propel diversification from fossil fuels 

RIYADH: Saudi Arabia plans to utilize its 2022 oil windfall to propel the Kingdom’s diversification away from fossil fuels.

This comes as the government is aiming to further boost the non-oil economy in the Kingdom by 2023 without having to increase fiscal expenditures, Bloomberg reported, citing Minister of Economy and Planning, Faisal Al-Ibrahim.

According to Bloomberg’s surveys of analysts, Saudi Arabia is projected to be one of 20 fast-paced growing economies in 2022. 

The International Monetary Fund has predicted the Gulf country’s gross domestic product to exceed $1 trillion for the first time ever.

In addition to this, through its $600 billion-worth sovereign wealth fund, the Saudi government has drastically increased spending in the country across various sectors including tourism, energy, among others. 

The government is anticipating that by 2030, the private sector’s contribution to the economy would stand at 65 percent, up from the current 51 percent.

“The windfall from the additional revenues that we will get from high oil prices will be essentially invested in resilience. Whether it’s replenishing reserves, paying off debt or investing in unique transformational projects through our wealth fund — that really helps us accelerate the diversification plans,” said Al-Ibrahim.