Saudi Arabia, the largest economy in the Middle East, has announced its ambitious plan to become an attractive destination for global capital. The plan involves investing $3.3 trillion in various sectors, including infrastructure, green energy, and future industries, by 2030.
The plan was revealed by Saudi Minister of Investment Eng. Khalid Al-Falih at a Saudi-Swiss round table meeting in Riyadh on Monday. The meeting was attended by Swiss Federal Councillor Guy Bernard Parmelin and Saudi Minister of Industry and Mineral Resources Eng. Bandar Alkhorayef, as well as representatives from both countries’ private sectors.
Al-Falih emphasized that Saudi Arabia and Switzerland enjoy strong economic partnerships and deep-rooted bilateral relations that will reach 100 years old within three years by 2027. He also announced the cooperation with a Swiss fund to launch financing for investment in the debt market amounting to billions of euros in the areas of zero emissions, in addition to cooperation in the field of the insurance industry.
Mega projects and bids
Al-Falih said that the Saudi investment plan also includes maximizing the infrastructure sector in light of the rise of mega projects, such as NEOM, Qiddiya, and the Red Sea Project. He pointed to more than $3.3 trillion, most of which will be directed to translating work contracts in the field of airports and factories, as well as buildings, ports, roads and green energy networks.
The minister estimated that $1.8 trillion will be financed by investors through bids that will be offered over the next few years to attract the largest number of global investment destinations from Switzerland and other countries, to be pumped into major projects in the country with the highest quality standards.
Diversification and innovation
Alkhorayef, in his address, said that there are great opportunities in the future in terms of cooperation with Swiss sectors. He noted that the Kingdom is considered an important economic bridge between the Middle East and Africa region and neighboring countries, which provides the greatest opportunity to utilize cooperation with Switzerland to maximize the desired results.
He added that the Kingdom seeks to contribute to the diversification of the economy, through 12 branches of industries, divided into three groups. The first group includes sustaining flexibility and enhancing national security, food, defense and water, while the second group includes maximizing natural resources such as oil, gas, minerals, petrochemicals, infrastructure and electricity while the third group includes future industries such as space, renewable energy, and electricity industries.
He also said that the Kingdom is keen to adopt the latest technologies and innovations in its industrial sector, and to support the development of human capital and entrepreneurship.
Saudi Vision 2030
The Saudi investment plan is part of the Kingdom’s Vision 2030, which aims to transform the country into a leading global hub that connects Asia, Europe and Africa. The vision also seeks to diversify the economy away from oil dependence, create more jobs, improve the quality of life, and enhance the role of the private sector.
Al-Falih said that Saudi Vision 2030 is working to accumulate new investments, and that the Kingdom targets an investment volume of $3.3 trillion by 2030. He invited Swiss investors and companies to explore the opportunities and benefits offered by the Saudi market, and to participate in the Kingdom’s journey of transformation and development.
