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Saudi Arabia announces $426 billion for infrastructure projects

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As the Kingdom continues in its efforts to reduce its reliance on crude sales for government income, Saudi Energy Minister Khalid Al Falih has unveiled a new strategy which aims to bring in $426 billion in investments over the next ten years.
Saudi Arabia's National Industrial Development Logistics Programme is part of its efforts to reduce its reliance on oil exports for income.
The National Industrial Development and Logistics Programme (NIDLP) will seek to develop the nation’s infrastructure and will see the Saudi government matching foreign investment in mining, energy, logistics and industrial projects. According to Aabed Abdullah al-Saadoun, deputy minister of Energy, Industry and Mineral Resources, the Saudi government will spend at least $27bn in 2019 and 2020 on the NIDLP.

Among the infrastructure projects already lined-up to proceed are 60 initiatives in logistics, including five airports and 2,000km of railways. Several Saudi Aramco projects will also fall under the scope of the plan, including an industrial park on the Persian Gulf and a plan with Saudi Basic Industries Corp. to transform oil straight into chemicals.

Foreign companies that have already committed to investing in projects in the Kingdom include Boeing, which has agreed to manufacture airplane parts in the country, Thales SA which will be undertaking a number of defence projects, and International Business Machines Corp. which has signed a deal to conduct research into cloud computing and artificial intelligence.

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Saudi Arabia announces $426 billion for infrastructure projects - Time to read 2 min
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