Crown Prince to present details of the infrastructure plan today
Saudi Arabia is seeking $425 billion in investment by 2030 for infrastructure, energy, mining and other industrial projects as part of a push to reduce its reliance on oil, a senior government official has said.
According to a report by Bloomberg, citing Khalid Al Falih, Energy Minister for the Kingdom, Crown Prince Mohammed bin Salman, will present details of the infrastructure plan today.
The Crown Prince has been the driving force behind reforms known as Vision 2030.
The minister added that the Kingdom could sign 70 deals collectively worth more than $53.2 billion at the same time. The remarks came as he was addressing a gathering on January 26 in Riyadh, the report said.
With Saudi Arabia one of a number of nations in the Middle East working to diversify government income away from oil sales and build new industries, Al Falih stated that the focus of the industry plan will be on chemicals, power and natural gas businesses.
According to him, the kingdom plans to restructure its power industry by separating its generation business from transmission and distribution. As part of the plan, the country will create a separate power purchasing agency, he revealed.
Nabil Al Amoudi, the Saudi Minister of Transportation, has also said that a new airport for Riyadh is under consideration.
The Kingdom plans to refurbish and expand five airports, and build 2,000 km of railways.