Saudi Arabia is seeking $425 billion in investment by 2030 for infrastructure as well as energy, mining and other industrial projects, as part of an effort to cut its reliance on oil, Energy Minister Khalid Al-Falih said Saturday in Riyadh.
Crown Prince Mohammed bin Salman, who is behind reforms known as Vision 2030, will present details of the infrastructure plan on Monday. The kingdom could sign about 70 deals worth more than $54bn at the same time.
Saudi Arabia is among nations in the Middle East working to diversify government income away from oil sales and build new industries. The kingdom will focus on chemicals, power and natural gas businesses in its industry plan, Al-Falih said.
The kingdom plans to restructure its power industry by separating its generation business from transmission and distribution. As part of the plan, the country will create a separate power purchasing agency, he said.
Nabil Al-Amoudi, the Saudi minister of transportation, said a new airport for Riyadh, the capital, also is under consideration. The kingdom also plans to refurbish and expand five airports, and build 2,000kms of railways, he said.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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