Saudi launches plan to attract over $425bn in investments

By January 29, 2019News

Saudi Arabia launched their ambitious programme to attract $427 billion worth of investments in the industrial and logistics sectors. The 12-year programme has started with the signing of 37 agreements worth $55 billion with foreign and local investors.

The Saudi Arabian government will spend SAR 100bn ($27bn) in 2019 and 2020 as part of this programme which will offer investment opportunities in mining, industry, logistics and the energy sectors inside the Kingdom. The programme will offer investors opportunities to invest in projects such as plants that manufacture, catalysts, rubber and vehicles, a 1,200 kilometre railway, five airports and hundreds of kilometres of roads.

The allocated budget is SAR 33bn for the energy, industry, mining and logistics sectors, more than triple the amount allocated in the previous budget. The aim is to create 1.6 million new jobs, boost non-oil exports by $267 billion per year and add $320 billion to the gross domestic product.