Saudi Arabia reveals about plans to invest $147 billion in transport sector

Saudi Arabia, that was till recent times known for its conservativeness, is opening up and looking forward to expand in a number of ways. The Kingdom of Saudi Arabia will be making investments worth 550 billion riyals in transport and logistics in the next nine years. The fresh changes are being planned as the Crown Prince Mohammed bin Salman intends to make the kingdom a global aviation hub.

Nearly 35 percent of that will be contributed from the government while the rest is expected to come from the private sector. Plans are being made on the basis of the new international airline, broader train networks, expansion of airports and also exploration of new technologies. Transport Minister Saleh Al Jasser, during an interview said that a number of projects are bankable and are also attractive. Saleh Al Jasser added that the upcoming plans will help to open fresh opportunities in terms of partnerships within the private sector – local as well as international.

Saudi Arabia is considered as the world’s largest exporter of crude oil and the upcoming plans of development were announced by Prince Mohammed last week that would help to diversify the economy. The officials in the kingdom intend to make the capital of Riyadh to a global hub that will in turn help to attract more foreign talent and millions of tourists by 2030. For this the country will have to increase the number of flights in to the country which has only offered tourists visas since 2019.

Saudi Arabia is currently looking forward to launch the new international airline that will have its hub in Riyadh. The country’s existing carrier Saudia will be maintaining its based in Jeddah. The officials intend to turn the place in to a second hub that will be used for religious as well as for conventional tourism purpose. The plans will allow the kingdom to grow in the future.

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