Saudi Plans Investments Worth $427 billion by 2030

Saudi Arabia hopes to attract investments of more than 1.6 trillion riyals ($427 billion) by 2030 in its push to boost industry, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Thursday, according to state TV Al-Ekhbariya.

“The program to develop national industries and logistics services (is) the largest and most important, and has a huge impact on the Saudi economy,” Al-Falih said.

The minister estimated that the country’s mineral wealth was worth more than 1.3 trillion riyals.

The minister also said that foreign companies which abstained a key investment forum have “apologized” and vowed a return to normal ties.

“Some companies abstained from the (Future Investment Initiative) conference due to political pressure as a result of an odious campaign directed from outside the Kingdom which has failed,” Al-Falih told Al-Ekhbariya news channel.

“All the companies that abstained have been calling us during the past 48 hours to apologize and express regret,” and vowed to open offices and restore normal relations, Al-Falih said.

 

Source Credit: Reuters