Middle East

New Saudi investment vehicle promises to transform kingdom’s ports

Doha: Saudi Arabia is pushing ahead with a new investment vehicle to push exports, which in turn will see the kingdom’s ports transformed.

The newly established Saudi Arabian Industrial Development Company will carry out 20 projects in the next five years involving a capital investment of SR7.45bn, said Finance Minister Ibrahim Al-Assaf.

“This company will have a tremendous impact on the kingdom’s industrial sector, making it more competitive in world markets,” he added.

“The government will invest about SR5.6bn on infrastructure required by these projects, including wharfs at ports.”
He said the new company would invest in petrochemicals, plastics, iron and steel, aluminum and fertilizers.

Al-Assaf expressed his hope that the new company would attract more industrial investment in the Kingdom. He praised PIF officials for their efforts to establish the new company and study its investment projects.

He said the company would also focus on shipping, equipment required for energy, water and electricity, oil and gas industry and the automobile industry.  [27/03/14]

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