Saudi to attract $427bn investments with industrial program

The Saudi Arabian government says it aims to diversify the economy and attract private sector investments worth 1.6 trillion riyals ($427 billion) over the next decade through an industrial development program.

The country’s Energy Minister, Khalid al-Falih who disclosed this at a press conference in Riyadh, Saudi Arabia said that investments would be made through the National Industrial Development and Logistics Program (NIDLP), one of the programs set out under Vision 2030.

He explained that the programe intended to wean the economy off hydrocarbons and create jobs for Saudis.

Falih said the kingdom would on Monday announce projects worth 70 billion riyals that are ready for negotiations under the NIDLP to boost industry, mining, energy and logistics.

At a later stage, it plans to announce projects in the military, chemicals and small businesses industries worth $50 billion, he added.

The (NIDLP) program targets 1.6 trillion Saudi riyals it is quite ambitious but it is over a 10-year period so we have got the time to do it, Falih told a press conference.

Accordng to him, the program would raise money from both domestic and foreign investors adding that it would also integrate the mining, industry and energy sectors, which Falih said were each vital to the kingdom’s plan to empower the private sector and make it the main driver for economic growth.

Source: Voice of Nigeria