Saudi Crown Prince Mohammed Bin Salman affirmed on the occasion of the 5-year anniversary of the launch of Saudi Vision 2030, that "there will be no income tax at all in the Kingdom of Saudi Arabia," indicating that "the Kingdom will break the current barrier of unemployment to less than 11 percent this year, all the way to 2030."
The Crown Prince revealed that there is a deal that Aramco will buy 1 percent of an international company that will be announced if it takes place, adding that about 420 billion riyals will be spent by the Public Investment Fund after 10 years, indicating that there are no revenues for the Public Investment Fund on the budget now, because the goal at the present time is to develop the fund. He pointed out that the profitability of the Saudi Investment Fund was between 2-3 percent, and we aim to reach 6-7 percent.
He said, "Before the vision, the Public Investment Fund was spending 3 billion riyals and this year we will spend 160 billion riyals."
Bin Salman stressed that "continuing the previous approach by relying on oil alone was not appropriate for the Kingdom, especially since there are great opportunities in the Kingdom other than the oil sector represented in mining and other sectors."
He concluded: "The Saudi economy grew in the fourth quarter of 2019 by 4 percent, and we expect to reach this level by the end of this year."
Source (Arabic cnbc site, Edited)
