Saudi Arabia aims to develop infrastructure, seeks $425 billion in investments

Saudi Arabia aims to develop infrastructure, seeks $425 billion in investments

Saudi Arabia is seeking to attract investments worth up to 1.6 trillion riyals ($425 billion) in the next 10 years as it launches the National Industrial Development and Logistics Program on Monday aimed at developing new infrastructure, Trend reports referring to Al Arabiya.

Speaking during a press conference this past Saturday, Saudi Energy Minister Khalid al-Falih told reporters in Riyadh that the program aims to link between the industry, mining, energy and logistics sectors as the kingdom bids to develop infrastructure and industry across the country.

“The success of any industrial country lays in its infrastructure and logistics sector. This includes infrastructure of highways and railways, ports, airports, and free economic zones. Smart logistics networks will allow these sectors to be linked both internally and externally with global economies,” al-Falih told reports on Saturday.

“In an age where more countries are trading with each other and competition is increasing, it is better always then to come out with highest quality products at lower costs,” he said.

To achieve this, the minister said the new program is expected to witness the signing of contracts worth up to 200 billion riyals during the launch of the program with more than 330 initiatives under its umbrella, one third of which will directly achieve the objectives laid out under the Saudi Vision 2030.

“One of the main objectives is to diversify the Saudi economy from being oil-dependent to one that is varied in a large sense. The Vision (2030) and this program aims to shift the reliance on the government as an economic engine and move it toward the private sector economy which will be the primary driver,” the energy minister said.

Alongside al-Falih, Saudi Transport Minister Nabil Al-Amoudi also announced potential plans for a new airport for Riyadh as part of considerations to build five new airports across the kingdom.

Additionally, the transport minister said there are plans to build 2,000 km of railways as part of 60 initiatives within the logistics sector worth more than 165 billion riyals.

Speaking to Bloomberg Television, al-Falih admitted that the program was ambitious and that the government was looking at a 10-year period as a timeframe in achieving it.

“It’s quite ambitious but it’s over a 10-year period so we’ve got the time to do it,” Al-Falih was quoted as saying. “All of this will happen while we’re building our oil economy. We’re not stopping.”

He further added that the program is expected to add $320 billion to the Saudi economy by 2030, nearly half of the country’s GDP last year, and create 11 new industries from aerospace to biomedicine.

Uzbekistan and Kazakhstan developing analogy of Schengen visa for Silk Road countries
Uzbekistan and Kazakhstan developing analogy of Schengen visa for Silk Road countries
Uzbekneftegaz increases natural gas output at field of Gazli oil and gas production dep’t
Uzbekneftegaz increases natural gas output at field of Gazli oil and gas production dep’t
Uzbekistan to increase copper sulfate exports to Poland
Uzbekistan to increase copper sulfate exports to Poland
Loading Bars
Latest
Iran's sees increase in petrochemical exports
Indian Embassy in Baku introduced a new Sanskrit learning App, ‘Little Guru’ (PHOTO)
Azerbaijan discloses number of views of President Aliyev’s interview on Twitter (VIDEO)
Azerbaijan shares data on number of vaccinated citizens for May 7
Azerbaijan issues data on 1Q2021 export of fruits, vegetables
Azerbaijan confirms 722 more COVID-19 cases, 1,854 recoveries
Iran-Syria trade increases - Chamber of Commerce
Heydar Aliyev Foundation to organize legendary Khary Bulbul music festival in Shusha
Azerbaijan State Security Service talks arrest of illegal armed groups' members
VISA, Central Bank of Azerbaijan sign agreement on development of non-cash payments in Azerbaijan
Pakistan PM Khan in Saudi Arabia to discuss relations
Georgian Formula Construction exports building materials to Lithuania
Firefighters tackle blaze at 19-storey London tower block
Iran increases amount of jobs in free economic zones
Azerbaijan creates best conditions in National Gymnastics Arena - Uzbek gymnast
Greece, Estonia have biggest decrease in CO2 emissions from energy use
Iran says no need for direct or indirect talks with US
Georgia sees increase in international visitors
AzerGold discloses results of tender for software installation
Highest rate of inactive loans recorded in Georgian Cartu Bank
Russia documents 8,386 COVID-19 cases in past 24 hours
U.S. administers nearly 252 mln doses of COVID-19 vaccines
Georgia needs investments for faster economic recovery - PM
Azerbaijan has lower COVID-19 death rate compared to global indicators - professor
Kazakhstan sees decrease in petroleum oil exports to Spain
Baku hosts opening ceremony of Rhythmic Gymnastics World Cup (PHOTO)
Former serviceman accused of treason and espionage in Armenia
Azerbaijan plans to withdraw its peacekeepers from Afghanistan – Defense ministry
India grants permission for 5G trials to telecom service providers
Armenian side does not fulfill obligations upon int’l humanitarian law - MFA
Japan pledges $50.3 million to help India combat COVID-19
Uzbekistan and Kazakhstan developing analogy of Schengen visa for Silk Road countries
Azerbaijan forming perspective industrial complex
Azerbaijan - important int’l transport hub - chairman of Azerbaijan Railways CJSC (PHOTO)
ADB to no longer finance coal mining, oil, and natural gas field exploration
Successful policy on development of sports in Azerbaijan bearing fruit - Deputy Sports Minister
All gymnasts provided with necessary time to train for Rhythmic Gymnastics FIG World Cup in Baku - Greek gymnast
Germany says production capacity, not patents, key to upping vaccine output
Saudi to make COVID-19 vaccinations mandatory for all workers
Georgia shares data on number of citizen registered for temporary employment in Germany and Israel
Uzbekneftegaz increases natural gas output at field of Gazli oil and gas production dep’t
Uzbekistan to increase copper sulfate exports to Poland
Several investment projects to be implemented in Kazakhstan's Zhambyl in 2021
Iran continues to strengthen ties with China, Russia
Winners of ‘Sustainable Development in Chemistry and Chemical Engineering’ conference awarded (PHOTO)
Very exciting to perform in Rhythmic Gymnastics FIG World Cup in Baku - Polish gymnast
Global Affairs Canada welcomes release of Armenian detainees by Azerbaijan
Azerbaijan's SME Dev't Agency holds training for female entrepreneurs (VIDEO)
Azerbaijani PulPal payment system receives purchase offer
Georgia begins renovating buildings and infrastructure in Gardabani
Azerbaijan eyes to launch WeChat payment solution
Azerbaijan's Central Bank unveils results of tender launched to support database platform
SOCAR’s Petkim reveals profit in Q1 2021
S.Korea to set up training center for advanced technologies of fruit, vegetable production in Uzbekistan
Oil prices set for weekly gain despite India virus surge
Azerbaijan boosts steel imports from Turkey
No 'Indian' strain of COVID-19 detected in Azerbaijan
Kazakhstan-China Pipeline LLP opens tender on repairs of pipelines
Uzbekistan, Ireland consider establishing co-op in tourism sector
Egyptian gymnast talks AGF's organization of World Cup in Baku
Nuvei acquires Israeli fintech co Simplex for $250m
SOCAR’s Petkim increases production capacity to 92%
Kazakhstan decreases imports of Belgium-made goods
Thailand expects up to 20 mln doses of Pfizer vaccine from July
Kazakhstan's inflation rate for April 2021 revealed
Shusha declared cultural capital of Azerbaijan - presidential order
Number of ships received at Turkish Gemlik port in 1Q2021 revealed
Putin instructs government to support international Arctic expedition
Kazakhstan’s Nostrum identifies measures to add to PDP reserves
Azerbaijan’s renewable energy path: ongoing and future projects
Georgia reports 1,547 new cases of coronavirus for May 7
Uzbekistan eyes attracting Singaporean companies for co-op in electrical industry
Turkey ratifies agreement on international combined transport of goods with Georgia
Kazakhstan boosts trade with Spain
Latest prices for Azerbaijani oil announced
Wide opportunities opening for TRACECA to implement major projects (PHOTO)
Azerbaijan establishes uninterrupted water supply to liberated Hadrut village
Construction of new main water pipeline to Shusha begins in Azerbaijan
Gold, silver prices increase in Azerbaijan
Size of hydrogen aircraft market by 2040 disclosed
Czech companies interested in implementing green energy projects in Uzbekistan
Azerbaijani Ro-Pax type ferry on its first voyage, en route to Kuryk port (PHOTO)
Kazakhstan’s freight transportation operator opens tender to test wheelsets
Countries Need To Assist India In Its Battle Against Second Wave Of Covid: Deloitte CEO
Cement adhesive and dry mortar mixes plant in Georgia expands with state support
WTO Patent Waiver Will Enable Timely Access Of Covid Vaccines: India
Russia promises to show its best at Expo 2020 in Dubai
Friendship between India and UAE increasing as their allies continues in pandemic
UK PM Johnson's party win election for parliament seat
First day of Rhythmic Gymnastics World Cup kicks off in Baku (PHOTO)
India taking steps for economy growth
Multilateral Response Is Critical To Overcome Pandemic In India, Globally: IMF
Indian defence organisations engaged in mitigating people’s sufferings amid Covid surge
India, EU likely to resume FTA talks stalled for 8 years
Bank of Israel bought $5.27b foreign currency in April
EURO 2020 Trophy presented to Azerbaijani President Ilham Aliyev (PHOTO)
Uzbekistan reveals COVID-19 data for May 7
Azerbaijan, TRACECA discuss regional opportunities of post-Karabakh conflict period
Azerbaijani currency rates for May 7
Organization of Azerbaijani Veterans appeals to Russian FM
All news