Saudi government to spend $27bln on industry plan

The programme is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom

  
Image used for illustrative purpose. Smoke rises from aluminium factories in Jubail, Saudi Arabia May 22, 2016. REUTERS/Faisal Al Nasser

Image used for illustrative purpose. Smoke rises from aluminium factories in Jubail, Saudi Arabia May 22, 2016. REUTERS/Faisal Al Nasser

REUTERS/Faisal Al Nasser

RIYADH - The Saudi Arabian government will spend 100 billion riyals ($27 billion) in 2019 and 2020 as part of its industrial development programme, Aabed Abdullah al-Saadoun, deputy minister of Energy, Industry and Mineral Resources said on Monday.

The programme is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.

The programme is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.

Saudi Arabia’s 2019 budget allocated SAR 33 billion for the energy, industry, mining and logistics sectors, Energy Minister Khalid Al-Falih said in a tweet in December.

That is more than three times the amount allocated in the previous budget, he said, in a sign the kingdom is keep to boost diversification in these key sectors to create jobs for Saudis and wean economy off oil. ($1 = 3.7503 riyals)

(Reporting by Marwa Rashad and Stephen Kalin; Writing by Saeed Azhar; Editing by Tom Arnold and Alison Williams) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))


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