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Bloomberg
Saudi Arabia plans to invest 550 billion riyals ($147 billion) in transport and logistics over the next nine years as Crown Prince HRH Mohammed bin Salman looks to turn the kingdom into a global aviation hub.
About 35% of that spending will come from the government and the rest from the private sector as officials launch a new international airline, expand airports, build a broader train network and explore new technologies, Transport Minister Saleh Al Jasser said on Monday.
“Many of the targeted projects are bankable projects,
attractive projects,†the minister said. “This will open big opportunities for partnership with the private sector, whether local or international.â€
The plans are part of a strategy announced by Prince Mohammed last week intended to help diversify the economy of the world’s largest crude exporter. Saudi officials want to turn the capital of Riyadh into a global business hub, draw in more foreign talent and attract 100 million tourists a year by 2030.