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Saudi Arabia unveils $426bn infrastructure development programme

Source: Middle East Insurance Review | Mar 2019

Saudi Arabia is working on an infrastructure programme that aims to attract more than $426bn in foreign investments by 2030, create 11 new industries ranging from aerospace to biomedicine, and add 1.6m new jobs, said a government statement.
 
Saudi Arabia’s push for investment in railways, airports and industrial projects marks the latest effort by the biggest Arab economy to break its reliance on oil for government income, reported Bloomberg.
 
The Saudi government is ready to put its money into financing projects alongside international investors. Funding for projects, including a new airport and rail links, could require hundreds of billions of riyals in state spending.
 
On 28 January, the kingdom sealed 37 deals worth $53bn and announced 29 others valued at $960m. Among them, Boeing agreed to manufacture airplane parts in the kingdom and Thales will cooperate in defence. Tech giant IBM signed a deal for research into cloud computing and AI.
 
Saudi Arabia is getting a makeover under Crown Prince Mohammed bin Salman, who assumed de facto leadership in 2017, vowing to steer the economy from its near-total dependence on crude by masterminding reforms in a plan known as Vision 2030.
 
Higher public spending is projected to drive non-oil economic growth to 2.6% this year, but the pace remains below levels achieved before 2014, when crude prices fell sharply. M 
 
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