The Saudi Royal Family will spend in excess of $27 billion in 2019 and 2020 as a key part of its industrial development programme, Aabed Abdullah Al-Saadoun, Deputy Minister of Energy, Industry and Mineral Resources announced today.
The investment programme includes opportunities for the industry, mining, logistics and energy sectors, according to a document distributed to participants at an investment conference in Riyadh. The Energy Minister, Khalid Al-Falih, said that Saudi Arabia’s 2019 budget allocated $8.7 billion for the energy, industry, mining and logistics sectors – this is three times more than previously allocated and marks another step forward in economic diversification.
Deputy minister of Energy, Abdulaziz Al-Abdul Kareem, spoke about the geographical opportunity to attract investment to the industrial sector “at the moment Saudi Arabia has one of the best strategic locations for industry, as it is a gateway to Africa, Asia and Europe.” He also explained that the Kingdom has set up mechanisms to facilitate industrial procedures, from logistics and manufacturing, to export, and that this will also attract new investors to the KSA, adding that they are seeking Foreign Direct Investment (FDI).
