Saudi Arabia seeks $420bln foreign investments in infrastructure and transportation: Al-Falih

JEDDAH — Saudi Arabia’s infrastructure and transportation sectors are seeking to attract around $420 billion in foreign investments over the next decade, said Saudi Investment Minister Khalid Al-Falih on Tuesday.

As part of Vision 2030, foreign investments in the Kingdom are projected to reach $3 trillion.

Al-Falih made the remarks US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat reported.

At the two-day event, which was organized by the US Chamber of Commerce in Washington, Al-Falih exhorted US businesses to invest in Saudi Arabia as the Kingdom a variety of opportunities across different sectors that are attractive.

“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,” he said.

The investment minister praised the role played by the G20 countries under the leadership of Saudi Arabia in mitigating the impact of the coronavirus pandemic on the global economy.

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

He also highlighted the resilience of the Saudi economy in the face of challenges posed by the pandemic, Al-Falih said that authorities in the Kingdom have taken effective measures that increased foreign investments by 40 percent.

The Saudi minister also pointed out that the Kingdom is looking to establish and develop partnerships with green energy companies in the US.