Details have emerged about Saudi Arabia’s Vision 2030 economic transformation initiative, National Industrial Development and Logistics Program, which was offically launched in Riyadh on 28 January.
According to reporting by Riyadh-based news outlet Arab News, National Industrial Development and Logistics Program is aimed at stimulating private sector investments worth more than $450bn (SAR1.7tn) in the kingdom, and will act as a pillar of Saudi’s Vision 2030 strategy to wean its economy off oil.
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Speaking at the launch event, Nabeel Al-Amudi, the kingdom’s Minister of Transportation, reportedly said that Saudi Arabia is working on more than 300 initiatives as part of the industrial development programme.
Figures include $800m (SAR3bn) that is to be spent on Saudi factories, with the government also reportedly planning to spend $27bn (SAR101.3bn) in 2019 and 2020 as part of the programme.
Eng Khalid Al-Falih, Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources, revealed that new memoranda announcements were imminent.
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Al-Falih, whose comments reportedly came from an interview with Al Arabiya, added that agreements worth $62.6bn (SAR234.8bn) will be signed on the side-lines of the event.
These include large deals in military industries, as well as “a major agreement between [Saudi] Aramco and Sabic after reaching the economic feasibility of a project to convert oil to petrochemicals, site selection, and engineering studies”, Arab News reported.
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