Saudi Arabia will invest more in the next ten years than it has in the previous 300 years since the creation of the First Saudi State in 1744, according to Crown Prince Mohammed Bin Salman. This is a strong claim of the de facto ruler's intention to change the economy through his visionary Vision 2030 plan.

The crown prince unveiled the "Shareek" partner program between the private and public sectors during an online meeting yesterday. The aim is for oil giant Aramco and petrochemical company SABIC to lead investments by the local private sector totaling five trillion riyals ($1.3 trillion) by 2030 as part of an economic diversification program.

This step aims to empower the Gulf State's private sector to assist in detoxing the economy away from oil exports. More than half of the Kingdom's revenue is still generated from these sources. By doing so, new industries would grow, helping to build employment for millions of Saudis.

It is estimated that 27 trillion riyals ($7.2 billion) will be generated. Bin Salman outlined the steps that will be taken to achieve this lofty goal. "Strong, we have it, strong, when we're talking about 27 trillion Saudi riyals in the next ten years. We declared three trillion dollars from the Public Investment Fund (PIF) and expected to spend it. Today, the large corporations, the majority of which are government-owned, are strong and dedicated with $5 trillion. Four trillion riyals under a plan to be revealed later, a portion of which is business as normal and a greater portion of which is solid 12 trillion riyals."

The prince intends to continue his massive spending spree with big businesses and the private sector. This is a modern Saudi Arabia, where investment exceeds that of the previous 300 years, offering tremendous opportunities.