Deals over $50 bln signed in Saudi Future Investment Initiative

23/10/2018 Argaam

 

The first day of the ongoing Future Investment Initiative (FII) 2018 in Riyadh saw the signing of more than 25 memorandums of understanding (MoUs) and megadeals with a total value of $50 billion, ushering huge investments in energy and infrastructure sectors.

 

The MoUs signed included diverse sectors from localization, energy supply chain, transportation, industrialization, etc.

 

State-owned oil giant Saudi Aramco alone signed 15 (MoUs) and commercial collaborations worth a total of $34 billion.

 

The agreements were signed with international companies from eight countries, including Total, Hyundai Heavy Industries, Sumitomo, Baker Hughes, Schlumberger, and Halliburton.

 

Some of the other deals signed were related to the second phase of Haramain high-speed railway and development of Saudi Land Bridge project, among others.

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