Arab News
RIYADH: Saudi Arabia is set to invest SR1.6 trillion ($426.72 billion) through partnerships with the private sector and various countries, the minister of transport and logistics revealed.
During the Saudi-EU Investment Forum, Saleh bin Nasser Al-Jasser clarified that the Kingdom aims to increase the number of pilgrims and Umrah visitors to over 30 million and tourists to more than 100 million annually, in alignment with Vision 2030 goals, according to the Saudi Press Agency.
He emphasized that the current focus is on enhancing the quality of life and connecting services with individuals without replicating traditional or impractical models.
According to SPA, he stated: “Over the next ten years, we will make investments totaling SR1.6 trillion through partnerships with the private sector and various countries. We have also developed two crucial aviation centers, supported the needs of our citizens, and connected the Kingdom to the world through 250 tourist destinations.”
Al-Jasser reaffirmed that Saudi ambitions are high, backed by substantial resources and a competitive national workforce.
The forum showcases joint investment opportunities between Saudi Arabia and the EU in various sectors, focusing on transportation and logistics services, aiming to encourage investment, strengthen economic relations and integration, and facilitate knowledge exchange.
Saudi-EU coordination has a key role in the Kingdom’s ongoing economic transitions, as the Gulf nation is uniquely positioned to meet Europe’s needs “like no other,” noted Minister of Investment Khalid Al-Falih at the forum.
Al-Falih stated that for European companies trying to navigate this period of challenging transitions, “the Kingdom offers unmatched political and economic stability.”
The minister highlighted that over 1,300 companies from countries in the bloc have invested in Saudi Arabia, adding that “important Saudi investors are (present) in most EU countries.”
The Kingdom’s energy minister also told the gathering that Saudi Arabia will continue to lead the global energy transition and become a “centerpiece” in the renewable market.
Prince Abdulaziz bin Salman said: “We are focused on attending to the Paris Agreement to the letter while maintaining our commitment to the energy trilemma, which is a sustainable energy system, a sustainable economy, and maintaining our commitment to the issue of climate change.”
