Saudi Arabia strives for $420bn foreign investments in infrastructure, transportation

By Ashika Rajan, Trainee Reporter
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Saudi Investment Minister Mr. Khalid al-Falih stated that Kingdom’s infrastructure and transportation sectors are aiming for $420 billion in foreign investment over the next ten years.

Speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, a two-day event organized by the US Chamber of Commerce in Washington, Mr. Falih announced that the country offers a variety of opportunities across various sectors that are appealing to US investors. As part of Vision 2030, foreign investments in the Kingdom are projected to reach $3 trillion.

Mr. Falih remarked that “Saudi Arabia is opening up multiple new industries as an integral part of the Vision 2030 transformation, including clean energy, mining, mobility and logistics, tourism and quality of life, ICT, healthcare and life sciences & biotech.”

The Investment Minister praised the G20 countries, led by Saudi Arabia, for their role in reducing the global economic effects of the coronavirus pandemic.

“Swift actions were taken by the Kingdom, the US, and others in the G20 have contributed to an enabling global economic and investment environment,” Mr. Al-Falih pointed out.

Mr. Falih also emphasized the Saudi economy’s resilience in the face of the pandemic’s challenges, saying that authorities in the Kingdom have taken successful steps that have increased foreign investments by 40 percent. As for tourism and entertainment, there are vast opportunities offered by the Kingdom’s future smart cities.

The Investment Minister highlighted that Saudi Arabia is committed to being carbon neutral, to generate 50 percent of its electricity from renewables by 2030.

Saudi Arabia is also looking to form and grow partnerships with green energy companies in the US, according to the Saudi Minister.

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