The National Transformation Program (NTP) is an ambitious plan to diversify the Kingdom’s economy away from oil after prices collapsed in the last two years. Among its major goals is to generate 450,000 jobs, accelerate privatization and cut sharply the state’s wage bill. The following are the main objectives of the 112-page NTP 2020.
Generate 450,000 jobs in non-government sectors
Reduce the wage bill from 45 to 40 percent of the state budget
Implement more than 500 initiatives at a cost of SR270 billion ($72 billion), 40 percent of which would come from the private sector
Raise non-oil revenues from SR163.5 billion to a staggering SR530 billion
Boost public assets from three trillion to five trillion riyals, a 67 percent rise
Maintain oil production capacity at 12.5 million barrels per day, while raising gas production from 11 billion cubic feet to 17.8 billion cubic feet daily
Raise the number of annual Haj pilgrims from 1.5 million to 2.5 million, while increasing the number of Umrah (minor pilgrimage) visitors from seven million to 15 million per year
Build an international complex for marine industries that will provide 80,000 jobs and cut imports by $12 billion a year
Continue to cut subsidies, with reductions in water and electricity subsidies projected to save 200 billion riyals
Raise the value of non-oil exports from SR185 billion to SR330 billion
Cut the unemployment rate for Saudis from 11.6 percent to nine percent
Raise the proportion of women in the job market from 23 percent to 28 percent
Increase investments in tourism from SR145 billion to SR171.5 billion
Boost Foreign Direct Investment from SR30 billion to SR70 billion
