ANY OTHER TECH STOCKS CONTINUE
TO GAIN.
MARIA: NICOLE, THANK YOU SO
MUCH.
WE'LL CHECK OUT AS THE MARKETS
WORSE THIS MORNING.
ONE OF THE BIGGEST INVESTORS IN
THE WORLD, SAUDI ARABIA FINANCED
MINISTERS WITH ME.
MOHAMMED BIN BIN-SALMAN IS IN
WASHINGTON COUNTRY NEW YORK.
UNTIL HE MEETS ITS LEADERS AT
THE END OF THE WEEK.
SIR, GOOD TO HAVE YOU ON THE
PROGRAM.
THANKS FOR JOINING US.
YOU ARE DOING REALLY AN
EXTRAORDINARY LIBERALIZATION OF
THE SAUDI ARABIAN ECONOMY RIGHT
NOW.
CHARACTERIZE WHERE YOU ARE.
>> WE ARE AT THIS STAGE WERE
REMOVED FROM PLANNING OVER THE
PAST TWO YEARS TO EXECUTION.
SO THAT IS SIGNIFICANT FOR THE
MOMENTUM NOW WHERE THE ECONOMY
IS GOING.
WE MANAGE OVER THE LAST THREE
YEARS TO DEAL WITH A LARGE
BUDGET DEFICIT BY 40%.
WE HAVE A POTENTIAL GROWTH OF 2%
THIS YEAR.
OIL GROWTH WILL BE ABOUT 3%.
THIS ECONOMY SOCIAL VEHICLE SO
IT'S A VERY WIDE SPECTRUM OF
WHAT YOU ARE TRYING TO ACHIEVE
AND THERE'S A LOT OF MOMENTUM
NOW.
MARIA: IT'S ACTUALLY QUITE
EXTRAORDINARY IN TERMS OF
LIBERALIZING THIS ECONOMY IN AN
EXTRAORDINARY WAY FROM SOCIETY
TO PAYING FOR A COSTLY WAR,
INVESTING AN ENORMOUS AMOUNT OF
MONEY IN BUSINESSES, EITHER
DIRECTLY.
HOW YOU PAY FOR THIS?
WE HAVE SIGNIFICANT REVENUES.
THE LAST 40 YEARS.
SO THERE IS A LOT OF WASTE.
WE ARE NOW TRYING -- IT IS
DIVERSIFYING THE ECONOMY, TRYING
TO PUT THE WEALTH THAT WE HAVE
LOVED FOR THE LAST 10, 20 YEARS.
MARIA: WHEN I WAS IN RIYADH IN
OCTOBER, THERE'S A LOT OF
CONVERSATION ABOUT THE NEW
INDUSTRIES YOU ARE TRYING TO
DEVELOP IN SAUDI ARABIA TO GET
FOREIGN MONEY INTO THE COUNTRY.
WHAT DO YOU THINK ARE THE MOST
PROMISING INDUSTRIES THAT WILL
DRIVE GROWTH?
>> THERE ARE 12 IMPLEMENTING
PROGRAMS IN A VERY WIDE SPECTRUM
IN THE ECONOMY.
KEY ELEMENTS OF THESE WERE
CURRENTLY WE ARE IMPORTING
ALMOST A PERCENT OF WHAT WE
CONSUME.
MAYBE HALF OF THAT, SO BETWEEN
NOW AND 2050, WE AIM TO
MANUFACTURE 50% AND THE
TRANSPORT SERVICES.
WE ARE TRYING TO TAP INTO A
UTILIZATION TODAY INTO A
SIGNIFICANT MORE APPEARED WE ARE
TRYING TO WORK EXTENSIVELY.
WE HAVE HAD VERY LIMITED
INDUSTRY.
WE THINK ARE VERY HIGH
UNEMPLOYMENT CONTRIBUTES TO THE
GDP.
WE ARE WORKING EXTENSIVELY ON
THE SECTORS.
FOR EXAMPLE, INVESTING INSIDE
AND OUTSIDE SAUDI ARABIA.
IT HAS BEEN ANNOUNCED LAST
OCTOBER, WHICH IS FOCUSED ON THE
FUTURE TECHNOLOGY.
THERE IS A LOT THAT IS BEING
DONE IN SAUDI ARABIA.
MARIA: YOU MENTION THE CITY OF
NEON MENU WILL HAVE ROBOTICS AND
LOT OF A.I. RELATED INTEREST
RATES YOU ARE HOPING WILL GET
CREATED FOR THIS CITY.
I KNOW THAT.
WHAT YOU JUST SAID IS PRETTY
INCREDIBLE.
YOU WANT TO START MANUFACTURING
THINGS.
YOU'VE NOT DONE THIS BEFORE.
YOU'RE TALKING ABOUT CREATING
NEW INDUSTRIES AND MANUFACTURING
THINGS WHETHER IT IS APPAREL OR
INDUSTRY TYPE THINGS.
HOW DO YOU DO THAT?
TRAINING FOR YOUR PEOPLE ARE YOU
EXPECTING TO TAKE IN EXPERTS AND
SOME OF THESE INDUSTRIES TO
START MANUFACTURING THINGS
YOU'VE NEVER DONE BEFORE?
>> IT'S A COMBINATION OF BOTH.
WE HAVE BEEN MANUFACTURING
BEFORE AND OIL AND OTHER
CHEMICALS.
WE ARE LEADING THE WORLD AND
WHERE WE HAVE NOT DONE BEFORE,
WHAT WE ARE TRYING TO DO IS
PARTNERING WITH U.S. COMPANIES
AND OTHERS TO BRING IN TO SAUDI
ARABIA.
MARIA: LET ME ASK YOU, ARE YOU
EXPECTING TO DERIVE LOWER
REVENUES FROM OIL?
YOU WANT TO DIVERSIFY THE
ECONOMY.
DOES THAT MEAN YOU'RE RELYING ON
OIL REVENUES LESS?
>> WHAT WE ARE DOING IS TRYING
TO AVOID THE OIL PRICE.
WE BELIEVE OIL IS HERE TO SAY,
BUT WE WANTED TO MAKE SURE THAT
THE OIL REVENUE BRINGS IN THE
STABILITY OF THE GOVERNMENT AND
DIVERSIFY OUR ECONOMY FOR MORE
JOBS, EMPOWERED A PRIVATE DIRT
FOCUSING TO MAKE SURE THE
PRIVATE SECTOR IS THE ENGINE OF
GROWTH IN THE FUTURE.
MARIA: THAT IS VERY SMART GIVEN
THE LEVEL OF OIL PRICES.
ARE THE DAYS OVER?
>> I WILL NOT SPECULATE ON OIL
PRICE.
>> LONGER-TERM YOU'VE GOT A LOT
OF SUPPLY IN THE MARKET.
THE EXPECT A SHAME DOESN'T GO TO
$100.
>> GENERALLY A FEW LISTINGS TO
ARAMCO THERE ISN'T AN INVESTMENT
TODAY AND OIL AND WE REQUIRE
SIGNIFICANT INVESTMENTS FOR THAT
SUPPLY TO THE CONTINUING.
THERE ARE SUPPLIES CURRENTLY
RUNNING NOW.
MARIA: YOU ARE NOT WRITING ON
SUPPLY STORY.