‘$150bln boost’ from new Saudi transport strategy

Tthe government would provide 35% of the needed investments, and the rest would come from private investors: minister

Streets in illuminated cityscape, Riyadh, Saudi Arabia.

Streets in illuminated cityscape, Riyadh, Saudi Arabia.

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RIYADH: Saudi Arabia expects its new transport and logistics strategy to generate 550 billion riyals ($150 billion) in investments by 2030 in areas such as public transport, railways, and airports expansion and development, the Kingdom’s transport and logistical services minister said on Monday.

Saleh Aljasser said the government would provide 35 percent of the needed investments, and the rest would come from private investors. The strategy would have multiple benefits on economic activities because it would connect many sectors, such as Hajj and tourism, as well as industries, he said.

Abdulaziz Alduailej, president of the General Authority of Civil Aviation, said Saudi airlines would aim under the new strategy to reach 250 destinations worldwide, up from 90 destinations currently. The country aims to increase airport capacity to 330 million passengers a year, up from 103 million.

Crown Prince Mohammed bin Salman launched the new transport and logistics blueprint a week ago. It aims to position the Kingdom as a global logistics hub connecting three continents, and improve all transport services in support of Saudi Vision 2030.

A host of projects are planned to help achieve the strategy’s economic and social goals, including the launch of a second national airline, along with improved governance to enhance the work of the organizations involved. The Ministry of Transport was renamed the Ministry of Transport and Logistics Services.

“This strategy will strengthen human and technical capabilities in the transport and logistics sector in the Kingdom,” the crown prince said.

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