Economics

Next Steps in the Saudi Overhaul Plan Put More Focus on Growth

Kingdom will spend on initiatives included in NTP: Al Tuwaijri
Saudi non-oil industries to drive economic growth this year

Attendees walk through the King Abdulaziz Center for World Culture during a tour of the project in Dhahran, Saudi Arabia, on Friday, Nov. 25, 2016.
Photographer: Simon Dawson/Bloomberg

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By Vivian Nereim, Glen Carey and Alaa Shahine

May 10, 2017 at 5:42 AM UTC

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Saudi authorities will put more focus on efforts to revive economic growth and don’t expect the drop in oil prices to affect plans to balance the budget by 2020, according to a senior official.

The coming steps in the National Transformation Program will see the government spending on hundreds of initiatives related to the plan, which seeks to repair public finances and bolster the non-oil economy, Mohammed Al Tuwaijri, the vice minister for economy and planning, said.