SR1.6tr industry, infrastructure boost

January 27, 2019
Crown Prince Muhammad Bin Salman
Crown Prince Muhammad Bin Salman

Saudi Gazette report

Riyadh —
Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, is scheduled to announce the details of a sweeping plan to develop infrastructure and industry on Monday.

Saudi Arabia is seeking to attract private sector investments worth SR1.6 trillion over the next decade through an industrial development program, Energy Minister Khalid Al-Falih said on Saturday.

Investments will be made through the National Industrial Development and Logistics Program (NIDLP).

Falih said the Kingdom would on Monday announce projects worth SR70 billion 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.

“The (NIDLP) program targets SR1.6 trillion... 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.

Transport Minister Nabeel Al-Amudi said that NIDLP would launch 60 initiatives in the logistics sector, including five new airports and 2,000 km of railways, and aims to attract more than SR135 billion of investments.

Saudi Arabia is getting a makeover under the Crown Prince, who has vowed to steer the economy from its near-total dependence on crude through reforms under Vision 2030.

The Kingdom’s infrastructure — from roads to water supply — was ranked 40th among 140 nations in the World Economic Forum’s latest Global Competitiveness Report.

Under Vision 2030 the Kingdom aims to have the private sector operate much of its transport infrastructure, including airports and seaports, with the government keeping a role as regulator.

January 27, 2019
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