Saudi government to spend billion on industrial development plan
The program is offering investment opportunities in mining, industry, logistics and energy sectors inside the oil-rich Arab kingdom.
By REUTERSUpdated: JANUARY 28, 2019 12:21Members of Saudi Arabia’s royal family and dignitaries attend an allegiance pledging ceremony for Saudi Arabia’s Crown Prince Mohammed bin Salman in Mecca.(photo credit: REUTERS)
RIYADH - The Saudi Arabian government will spend 100 billion riyals ($27 billion) in 2019 and 2020 as part of its industrial development program, Aabed Abdullah al-Saadoun, deputy minister of Energy, Industry and Mineral Resources said on Monday.The program is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.The program is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.Saudi Arabia’s 2019 budget allocated SAR 33 billion for the energy, industry, mining and logistics sectors, Energy Minister Khalid Al-Falih said in a tweet in December.That is more than three times the amount allocated in the previous budget, he said, in a sign the kingdom is keep to boost diversification in these key sectors to create jobs for Saudis and wean economy off oil.