Saudi Arabia has earmarked US$300 billion worth of investment into its energy industry which includes petrochemicals, minerals, power and water from now until 2020, according to the state-run body that promotes investments in the Kingdom, reported Bloomberg.
The announcement was made in Dubai by Saudi Arabian General Investment Authority governor Amr Al Dabbagh who said that: “We have identified investment opportunities in Saudi Arabia and divided them into three areas.”
The announcement was part of an overall investment programme announcement of $500 billion by the governor in the Kingdom.
Saudi Arabia, the world’s biggest oil exporter is growing in economic and population terms – its economy is expected to expand by 3.5% this year due to high crude prices.
Such growth is driving demand for investment in infrastructure, energy and education.
The Kingdom wants to attract $100 billion in investments to expand airports, ports, railway networks and logistic hubs, Al Dabbagh said.
He said that another $100 billion worth of investments is sought for the country’s knowledge based industries, including education, health life sciences and information technology.
