DUBAI: Saudi Arabia's crown prince said on Tuesday that oil firm Aramco and petrochemical firm SABIC would account for 60% of planned investments of 5 trillion riyals ($1.3 trillion) by Saudi private-sector companies by 2030 under a new programme.

Prince Mohammed bin Salman, speaking to journalists in a virtual briefing after announcing the programme, said the government had asked participating firms to lower their dividends in order to raise capital spending.

He said dividends for those owning shares in Aramco, which listed on the local bourse in 2019, would remain stable. The Saudi government still owns 98% of the firm.