Saudi Arabia tenders of $ 50 billion in investments
Saudi Arabia, Economics, 1/20/2007

Saudi Arabia will shortly float tenders to invite foreign capital to put up variety of projects in infrastructure and oil & gas sector with private and government sector investments to the extent of $ 50 billion.

The investment structure by sector at current prices as would be mentioned in the proposed tender would include private sector investments $ 30.6 billion, investment in oil and gas sector $ 7.4 billion and investments in government sector USD 12 billion, said Abdul Rahman Al-Rabiah, Chairman Indo-Saudi Joint Business Council, here Friday on an interactive session on Investment opportunities in Saudi Arabia organized under aegis of ASSOCHAM.

The tender would be floated in next 1-2 months time would also seek additional investments of foreign capital in areas of petrochemical products, plastics, basic metal and metal articles, electrical machinery and equipment and tools, transportation equipment, food stuff,base metal and metals articles.

He said that the terms and conditions of the tendering process would be transparent and investment friendly and sectors targeted for privatisation would be like Saudi's water and drainage system, saline water desalination plants, telecommunications, air transportation and its services, airlines, roads, airport services, posts services, flour mills, seaports services and industrial city services.

The Chairman of Indo-Saudi Business Council also said that Saudi Arabia also wants to make effective its banking sector and upgrade the skills of 16 commercial banks.

Speaking on the occasion, Immediate Past President of ASSOCHAM, Anil K Agarwal said that both India and Saudi Arabia need to rebuild their old relationships of trusts to utilize the existing investment opportunities both in India and Saudi Arabia.

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