Saudi Arabia to boost maritime sector with $8.8bn

Saudi Arabia to boost maritime sector with $8.8bn
Illustrative picture. PHOTO CREDIT: PortTechnology

Saudi Arabia’s maritime sector is set to receive a much-needed boost with a generous allocation of SAR3 billion ($8.8 billion) for the energy, industry, mining and logistics sectors in its recently announced budget for 2019.

The country is on an aggressive growth and diversification path, with substantial government spending expected to catalyze its ‘Vision 2030’ goals and drive sustainable growth and development.

On the back of strong growth, revenues in the Kingdom are also projected to increase this year to SAR975 billion, setting an optimistic blueprint for exponential growth and progress.  

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