Saudi Arabia’s biggest listed firms, including energy giant Aramco, will reduce their dividends and redirect the money to the local economy as the crown prince tries to get his economic overhaul plan back on track.
Twenty-four firms such as Saudi Basic Industries, Almarai, Saudi Telecom and National Shipping. have agreed to join the plan, contributing 5 trillion riyals ($1.33 trillion) of domestic capital spending over the next 10 years, said Crown Prince Mohammed bin Salman.
The new plan comes after last year’s coronavirus pandemic and oil market turmoil created a double crisis for Saudi Arabia, setting back the 35-year-old’s goals to boost the non-oil economy and slash unemployment.
