Saudi seeks to attract $427b

Saudi Arabia aims to attract private sector investments worth 1.6 trillion riyals ($427 billion) over the next decade through an industrial development programme aimed at diversifying the economy, Energy Minister Khalid al-Falih said on Saturday.

Investments will be made through the National Industrial Development and Logistics Program (NIDLP), one of the programmes set out under Vision 2030, a wider reform strategy led by Crown Prince Mohammed bin Salman and 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 without giving a timeframe.