Saudi Arabia Seeks Over $425 Billion Investments For Infrastructure Program

Saudi Arabia Seeks Over $425 Billion Investments For Infrastructure Program

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Khalid al-Falih, Energy Minister, Saudi Arabia, announced that the country is looking to get an investment of nearly $429 Billion in private sector. This plan by the country is supposed to be carried out over the upcoming 10-years period. It will involve a landmark infrastructure as well as an industrial program as a part of its financial diversification movement.

The latest plan by the country is focused to guide investments through the National Industrial Development and Logistics Program. This program was rolled out under Saudi Crown Prince Mohammed bin Salman’s Vision 2030 program. That sweeping plan is devoted to diversifying the kingdom’s financial system away from oil dependence and generating private industry jobs for Saudi nationals. A more detailed declaration about the plan is supposed to come out next week. According to al-Falih, it will disclose projects of about 70 Billion Riyals. These projects will be from various sectors such as the mining, energy, industry, and logistics.

On a similar note, Hala Zawati, Minister, Energy & Mineral Resources, Jordan, came into the news as he disclosed that the country will try to boost connectivity with its neighbors. Reportedly, this will advance the efficient use of electricity in the area. Zawati highlighted that growing solar power production from Jordan would let the country to export the surplus electricity to various countries in daylight hours, and purchasing fossil fuel-derived electricity at night, frequently from Saudi Arabia.

Amjad Rawashdeh, Director General, National Electric Power Company (NEPCO), Jordan, proclaimed that the country is aiming to connect its grid with Saudi Arabia. Similarly, it is focused on growing its ability to exchange power with its neighboring countries in a mutually favorable way. He added that, given the nature of solar power, it was probable for Arab countries such as Jordan to generate more economical energy at diverse times of the day. This would make it sensible to advance connectivity between nations to economize for their consumers.

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