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Tuesday 20th March 2018

Saudi Arabia Seeks $425 Billion Inward Investment

Business

7Dnews London

Tue, 29 Jan 2019 19:22 GMT

Saudi Arabia announced on Monday January 28th a 12-year programme to attract $427 billion worth of foreign and local investment in the industrial and logistics sectors.

At a ceremony attended by Crown Prince Mohammed bin Salman, the Kingdom announced the signing of 37 agreements worth $55 billion with foreign and local investors.

Energy Minister Khalid al-Falih said the goal was to create 1.6 million new jobs, boost non-oil exports by $267 billion a year, and add up to $320 billion to the country’s GDP. He said implementation had already begun on a number of projects.

Meanwhile, Transport Minister Nabeel al-Amudi announced the start of projects including construction of a 1200-kilometre railway line, and five airports, in addition to hundreds of kilometres of roads.

Energy agreements include deals between Aramco and Saudi petrochemicals firm SABIC to produce petrochemicals directly from oil. Two memorandums of understanding were also signed between the Saudi military industry programme SAMI and French firm Thales and CMI Defence of Belgium.

As reported by AFP, the programme is part of the Kingdom's 2030 Vision, which aims to diversify an economy heavily dependent on oil.


Middle East