Saudi Arabia Latest News: Saudi Arabia is counted among the richest countries in the world. The main reason for this is that this country exports oil to other countries on a large scale. In such a situation, if someone says that Saudi Arabia has to borrow from other countries, then it is difficult to digest. Although it is true that Saudi is currently forced to take loans.
In fact, the entire economic condition of Saudi Arabia depends on oil. Saudi also knows very well that it will not have this natural resource forever. This is the reason why he also wants to reduce oil dependence in the country like UAE.
Saudi Arabia aims to diversify its income in some way by 2030. In this context, he is trying his hand in global technology and innovation. This is the reason why Neom city is being developed in Saudi at a cost of about 500 billion dollars.
However, it is also facing economic challenges in this initiative. This is the reason why Saudi has to borrow to complete this initiative and is also selling some of its shares.
Projects in Saudi Arabia are financed by the Wealth Fund and the Public Investment Fund (PIF). The Wall Street Journal reports that PIF is currently facing financial constraints.
The situation is that the cash reserves of PIF are at their lowest level since 2020. This is the reason why after many years he is being forced to borrow money.
Also read- India-Canada Relations: Canada’s tone softened in Hardeep Nijjar murder case, said this about India
