Q: What about Aramco? A: Aramco's IPO will provide huge sums to the Public Investment Fund of Saudi Arabia (PIF), and this Fund will help to target many sectors inside and outside Saudi Arabia, and one of the most important sectors is the mining sector. According to the 1970s survey, which was re-examined last year, I think there are mining opportunities wealth $ 1.3 trillion, and the Kingdom of Saudi Arabia has minerals resource, as only the gold wealth $ 240 billion, that need huge investment. Foreign and domestic investors are difficult to risk in a new sector such as mining. Investment must be throughout PIF and offering Aramco IPO will offer cash which will support PIF to invest in this new sector, which has only been exploited by less than 3% up to date. We have another very important goal which is the local content; today, the volume of Saudi Arabia purchases from outside of Saudi Arabia on goods or activities, etc., up to $ 230 billion, and the Kingdom's 2030 vision's goal is to be half of this spending inside the Kingdom of Saudi Arabia. The most important local contents, which amount $ 230 billion, are the military industry which consume about $ 50 to $ 70 annually. We are the third largest country in the world to spend 99% on military armament from outside of the Kingdom, and this is a huge opportunity to create large industries within the Kingdom, create jobs and create development. The decision is own 100% by government, and today, the government has made a decision requiring that any industry must be linked to the government's local content, which means (I only buy from you as how much you give me for local content). There are different forms of industries, for example, technology industries are not that high-sensitivity, so the other countries do not have the embarrassment to transfer its know-how to us by, such as light weapons or ammunition or other related as spare parts or structures. There are industries where countries have a certain sensitivity to transfer it inside the Kingdom, so we try to come out with the deal by a certain percentage of local content. Sometimes we manage to reach 70% for local content, and in other time 50% and 20%. There are complex industries that countries refuse to transfer technology to Saudi Arabia, and in this case we require to use the main materials that made in Saudi Arabia, thus we had an indirect impact on our local content within Saudi Arabia. The current requirement of the competent authorities in Saudi Arabia is that no weapon deal without benefit for the local content as the purpose is to transport the weapon industry 100%, and if we do not succeed, we must eventually end in 2030 with 50% of the local content; which means 50% out of $ 70 billion is to spent inside Saudi Arabia in 2030, and gradually rising. The Deputy Crown Prince pointed out that, from today, there are a range of armaments deal will be announced in the coming period, and we will know in each deal how much local content and job vacant it has. The armaments is the largest item in the local content. The second item is the manufacture of the car where almost the Kingdom's annual total cars purchases are up to $ 30 billion, sometimes more than that and sometimes even less. The positive side is that $ 13 billion of these purchases are made by the Saudi government. We can start in the first stage by offering our need through Saudi manufacturing companies that shared by the Saudi government, and this will lead us to 40% 43% in 2030 from the automotive industry. Q: Will be there a plan to saudize auto industry? A: We will not try to offer goods to the citizen in the next ten years as cars, it will be very difficult to compete in quality and prices, but we can ensure that to link the deals for the government to creating this industry within Saudi Arabia. The third most important industry for local content is the entertainment and tourism which estimated $ 22 billion annually spent out of Saudi Arabia on entertainment and tourism. This is the most difficult industry because the Saudi citizen has its total decision. The investment in this industry needs to convince Saudi citizen to spend his entertainment budget in Saudi Arabia instead of outside. Our target is to have 50% of the total entertainment and tourism budget in 2030. Hence, to 2030, we will have challenges and little profitability business, as well as the risk is very high. There isn't anyone will invest in this industry but PIF to succeed this sector and then privatized and sold in the stock market, and put companies in the stock market, and then PIF will start to recoup the funds and enter into other opportunities. The fourth sector targeted by PIF is the logistics sector. We have three very large opportunities in logistics and we work very strongly on them. The most important opportunity is "the Red Sea" which is 13% of the world trade passes through the Red Sea, and Saudi Arabia does not offer anything on this side (Zero services). There are huge opportunities to work along the Red Sea for many of the exports and imports of countries, and we began today to work with many countries in the past, topped by China, and now we work with China on a huge initiative in the city of Jizan industrial, and there are other countries come successively . --More 00:53 LOCAL TIME 21:53 GMT www.spa.gov.sa/w391627