Artificial Intelligence

Saudi crown prince says sovereign wealth fund will surpass $600 billion target by 2020 (NEOM Babylon)

Blog note. I have posted many previous blogs and third-party written articles about the rise of NEOM (Babylon) in Saudi Arabia. NEOM is specifically mentioned in this particular article, as it was alluded to since it is part of Bin Salman’s Vision 2030 plan to modernize Saudi Arabia. If you have not read any of my previous blogs or articles, NEOM is the world’s largest planned city (in terms of square miles or kilometers) in a corner of the country flanked by the Sea of Aqaba and the Red Sed. This visionary city or Babylon-in-the-desert is so grand in planned design that it can’t be described in just one article. Hence, I have included a detailed analysis in previous, sequential blogs. You can research this development yourself. The “great city” as described in the Bible’s book of the Revelation of Jesus Christ receives a very large portion of prophetic / eschatological attention. NEOM, in Saudi Arabia, meets every description of Babylon described in Revelation. It has seven mountains, it will accept all religions of the world, it has extreme wealth and technology, it is a world class city that will attract all nations, tribes, tongues, nationalities, it will feature a “delicious” lifestyle based on extremely attractive living conditions and wealth. Any reference to Jesus Christ is completely missing or absent. Proselytizing (attempts to convert someone from one religion to another) is strictly prohibited. The businessmen who trade with and help build NEOM will become fabulously wealthy. The world’s largest sovereign wealth/investment fund is being established ($2 Trillion) to fund NEOM’s launch and growth.  As previously stated, there is a wealth of evidence to support the startup and growth of NEOM as being the “fabled” city of the future as described in Revelation. When is all this supposed to start? Bin Salman has gone on record indicating 2020. That is a short sixteen (16) months away. If you have read some of my recent blogs, you will quickly recall that there are several other “ominous” events planned to be enforced worldwide in 2020 that coincide with the establishment of NEOM in Saudi Arabia. Babylon is NEOM, not Rome, not Vatican City, not Mecca. End of note

Saudi crown prince says sovereign wealth fund will surpass $600 billion target by 2020

OCTOBER 5, 2018. Reuters.

RIYADH (Reuters) – Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s main sovereign wealth fund (PIF) will surpass its target of increasing its assets to $600 billion by 2020, as part of a plan to reduce the economy’s dependence on oil.

“We are now above $300 billion, we’re getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,” the prince said in a Bloomberg interview published on Friday.

He added that the fund, with more than 50 percent of its investments located in Saudi Arabia, will be investing in more places next year.

The fund would invest another $45 billion in Softbank Vision fund, the world’s largest private equity fund, backed by Japan’s Softbank Group and the PIF, which invests in technology sectors such as artificial intelligence and robotics.

“We have a huge benefit from the first one. We would not put, as PIF, another $45 billion if we didn’t see huge income in the first year with the first $45 billion,” the prince said.

Locally, one of the biggest investments for the PIF is a planned $500 billion business and industrial zone called NEOM extending into Jordan and Egypt, announced in October 2017.

Prince Mohammed said the first town in NEOM will be ready in 2019 or 2020, with the entire site completed by 2025.

PRIVATISATION

The Crown Prince said his country will privatize more than 20 companies in 2019, helping the government’s strategy of diversifying away from oil exports. “In 2019, we will have more than 20 services that will be privatized, most of them in water, agriculture, energy and some of it in sports”, the prince said in an interview with Bloomberg published on Friday.

In April, the Saudi government said it aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs.

The privatization initiative targets 14 public-private partnership (PPP) investments worth 24 billion to 28 billion riyals. It includes the corporatization of Saudi ports and the privatization of the production sector at the Saudi Saline Water Conversion Corp (SWCC) and the Ras Al Khair desalination and power plant, according to official document published in April.

The prince said unemployment, which now stands at a record level near 13 percent is part of the side effects of restructuring the economy.

He added that the kingdom’s economy today was much more powerful, with 2019 budget planned to exceed one trillion riyals ($267 billion) for the first time, and with non-oil revenue rising by 300 percent

“I believe the unemployment rate will start to decline from 2019 until we reach 7.0 percent in 2030 as targeted,” he said.

Reporting by Marwa Rashad; Editing by Matthew Mpoke Bigg

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