(WASHINGTON, DC) – The Saudi Cabinet, led by Custodian of the Two Holy Mosques King Salman bin Abdulaziz, approved the National Transformation Program (NTP) on Monday, a key part of Saudi Vision 2030.
The NTP emphasizes how the Kingdom will achieve long-term economic change and increase nonoil revenue by 2020. The private sector will invest more than $27 billion in the support of 130 initiatives until 2020. NTP will generate the creation of more than 450,000 jobs in the private sector by 2020.
Saudi Aramco signed a number of agreements with international companies for the completion of the World Marine Industries and Services Complex, which will create 80,000 jobs and cease imports worth $12 billion a year.
The Ministry of Environment, Water and Agriculture aims to achieve 16 strategic objectives through NTP, including sustainable food security in the Kingdom through a program of Saudi agricultural investment abroad and a national program to reduce food waste.
Twenty-four government agencies were involved in the development of NTP.
Vision 2030 was unveiled in April and developed by the Council of Economic and Development Affairs, which is chaired by Deputy Crown Prince Mohammed bin Salman.
The full plan of Vision 2030 can be viewed here.