Saudi Arabia reveals $425 billion infrastructure plan
Saudi Arabia will seek $425bn (SAR1.6tn) in infrastructure investment through a Vision 2030 programme driven by Crown Prince HRH Mohammed Bin Salman, said the Kingdom's energy minister, Eng Khalid Al-Falih, according to Construction Week Online.
According to a Bloomberg report citing Al-Falih, who is Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources, the Crown Prince will deliver details of the plan on 28 January.
Designed to cut the kingdom’s reliance on petrodollars, the new Crown Prince-led programme will seek investments in energy, mining, and industrial projects, Bloomberg reported.
Rail projects spanning thousands of kilometres, and extensive airport refurbishments, are also a part of the over-arching drive that comes as part of Vision 2030, Saudi Arabia’s economic diversification mandate.
Around 70 contracts worth more than $53.6bn (SAR200bn) are expected to be signed as the Crown Prince presents details of the plan.
Bloomberg reported that a new airport for Riyadh is “under consideration”, according to Saudi Arabia’s transport minister, Nabil Al-Amoudi.
“The kingdom also plans to refurbish and expand five airports, and build 2,000km of railways,” the report continued.
Saudi Arabia's Crown Prince leads Public Investment Fund, the organisation playing a crucial role in driving the achievement of the goals of Vision 2030.
The long-term mandate seeks to diversify the kingdom's economy away from oil revenue and ensure the long-term, sustainable growth of the country.
Recently, the Kingdom also gave approval for the construction of the Red Sea masterplan. Construction is also set to start on Saudi's Neom masterplan, scheduled to start before April 2019, as well as its 'Riviera of the Middle East' project.