Saudi Arabia set to spend big bucks

The Kingdom is hoping to spend billions of dollars on infrastructure developments.

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By  John Irish Published  October 8, 2003

Not to be outdone by infrastructure developments throughout other Gulf states, Saudi Arabia is set to spend US $700 billion over the next two decades in infrastructure investment.

Speaking at the Middle East Infrastructure Development Congress (MEIDC), Prince Abdullah bin Faisal bin Turki Al Saud, CEO of the Saudi Arabian General Investment Authority (SAGIA), confirmed that overseas investors would have many opportunities.

He added that the main sectors ripe for development include electricity ($116 billion), water ($88 billion), telecomms ($60 billion) and basic infrastructure ($140 billion).

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