Saudi to invest $700 billion in infrastructure projects

Saudi Arabia is planning infrastructure investments of US$700 billion over the next two decades with many opportunities for overseas investors, said Prince Abdullah bin Faisal bin Turki Alsaud, governor of Saudi Arabia's General Investment Authority.

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By  Massoud Derhally Published  September 21, 2003

Saudi Arabia is planning infrastructure investments of US$700 billion over the next two decades with many opportunities for overseas investors, Prince Abdullah bin Faisal bin Turki Alsaud, the governor of Saudi Arabia's General Investment Authority (SAGIA) said on the opening day of the Middle East Infrastructure Development Congress (MEIDC) today (21 September 2003.)

Prince Abdullah was addressing the opening day of the MEIDC congress, being held in conjunction with the World Bank and IMF Annual meetings heled in Dubai.

The major sectors for development in Saudi include electricity at SR435 billion, water at SR330 billion, telecommunications at SR225 billion, petrochemicals at SR345 billion and basic infrastructure projects totaling SR525 billion, said Prince Abdullah.

He said steady growth rates and the restructuring of the Saudi economy are opening new horizons for investors every year.

The governor emphasized the positive effects of the Saudi Investment Act issued in April 2000. The creation of the law has bolstered the investment environment in Saudi Arabia for foreign investors providing additional incentives such as 100% ownership of their investment projects.

Economic and legislative reforms are an on-going process and privatization is a corner stone of the economic reform, prince Abdullah said. Privatization is well underway and 20 areas of commercial activity currently conducted by the State are slated for privatization.

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