Saudi Arabia to attract SAR 1.6 trln industrial investments: Al-Falih

Saudi Arabia is aiming to attract investment worth SAR 1.6 trillion through a national industrial development and logistics program, Saudi Gazette reported, citing Energy Minister Khalid Al-Falih.

“Riyadh is set to announce projects in the program worth SAR 70 billion on Jan. 28 and that the program aims to boost industry, mining, energy and logistics,” Al-Falih said on the sidelines of a press conference alongside Saudi Transport Minister Nabil Al-Amoudi ahead of the program’s launch tomorrow as part of 13 programs within the Saudi Vision 2030.

“We will witness the signing of contracts worth SAR 200 billion during the launch of the program with more than 330 initiatives under its umbrella, one third of which will achieve the objectives of the Saudi Vision 2030. There will be large private sector participation from outside the Kingdom alongside a large share of the private sector from inside Saudi Arabia,” Al-Falih further added.

Meanwhile, Al-Amoudi announced plans for five new airports and 2,000 km of railways, revealing further that there would be 60 initiatives within the logistics sector worth more than SAR 165 billion.