Saudi Arabia to invest $700 billion in infrastructure projects by 2024
Saudi Arabia is planning infrastructure investments of $700 billion over the next two decades with many opportunities for overseas investors, said Prince Abdullah Bin Faisal Bin Turki Al-Saud on the opening day of the Middle East Infrastructure Development Congress (MEIDC).
Prince Abdullah was addressing the opening day on September 21, being held in conjunction with Dubai 2003. The major sectors for development in Saudi include electricity at 435 billion Saudi riyals ($1.1 billion), water at SR 330 billion, telecommunications at SR 225 billion, petrochemicals at SR 345 billion and basic infrastructure projects totaling SR 525 billion.
The Prince said steady growth rates and the restructuring of the Saudi economy are opening new horizons for investors every year. A new Saudi Investment Act issued in April 2000 bolstered the investment environment for foreign investors by providing additional incentives such as 100 percent ownership of their investment projects while enjoying all the benefits, incentives and guarantees extended to national investments. — (menareport.com)
© 2003 Mena Report (www.menareport.com)