Saudi Arabia plans $133 bn investment in transport sector by 2030
ECONOMY & POLICY

Saudi Arabia plans $133 bn investment in transport sector by 2030

Saudi Arabia will invest over $133.34 billion to boost its transport sector by 2030 as part of a strategy to make the country an international logistics hub.

Last Tuesday, Saudi Arabia's Prince Mohammed Bin Salman announced a transport and logistics initiative.

Minister of Transport and Logistic Services Saleh Bin Nasser said that the strategy involved several megaprojects, with above $133.34 billion reserved for investment purposes.

He further added that around 35% of that spending will come from the government and the remaining from the private sector as officials launch a new international airline, expand airports, develop a broader train network, and explore new technologies.

The purpose of the strategy is to convert the capital of Riyadh into a global business hub, attract foreign talent, and attract 100 million tourists a year by the end of the decade.

The sovereign Public Investment Fund’s plan to launch a new international airline with its hub in Riyadh, as part of the strategy to make the country the fifth-biggest global air passenger hub.

Al-Jasser said that the kingdom was intending to become a global air logistics hub, managing 4.5 million tonnes of air cargo a year, up from 9,00,000 in 2019.

Image Source

Saudi Arabia will invest over $133.34 billion to boost its transport sector by 2030 as part of a strategy to make the country an international logistics hub. Last Tuesday, Saudi Arabia's Prince Mohammed Bin Salman announced a transport and logistics initiative. Minister of Transport and Logistic Services Saleh Bin Nasser said that the strategy involved several megaprojects, with above $133.34 billion reserved for investment purposes. He further added that around 35% of that spending will come from the government and the remaining from the private sector as officials launch a new international airline, expand airports, develop a broader train network, and explore new technologies. The purpose of the strategy is to convert the capital of Riyadh into a global business hub, attract foreign talent, and attract 100 million tourists a year by the end of the decade. The sovereign Public Investment Fund’s plan to launch a new international airline with its hub in Riyadh, as part of the strategy to make the country the fifth-biggest global air passenger hub. Al-Jasser said that the kingdom was intending to become a global air logistics hub, managing 4.5 million tonnes of air cargo a year, up from 9,00,000 in 2019. Image Source

Next Story
Real Estate

What Does Home Insurance Really Cover?

Home insurance is one of the most important protections a homeowner can have. It offers financial cover for unexpected damages, losses, or liabilities related to your property. However, many homeowners are not fully aware of what is actually included in their home insurance policy.This guide breaks down what home insurance really covers, so you can be better prepared and make informed decisions.What is home insurance?Home insurance is a financial product that protects your house and belongings against damage, theft, or accidents. It generally includes coverage for the building itself, as ..

Next Story
Infrastructure Urban

Hettich Strengthens Industry Ties at Madhya Pradesh Investment Meet

Hettich India, a global leader in furniture fittings, reinforced its commitment to Madhya Pradesh’s industrial growth as a Guest of Honour at an Interactive Session on Investment Opportunities in Power, Renewable Energy Equipment, and White Goods Manufacturing, hosted by the Government of Madhya Pradesh in partnership with the Confederation of Indian Industry (CII) at Hotel Trident, Nariman Point, Mumbai.The session, chaired by Dr Mohan Yadav, Hon’ble Chief Minister of Madhya Pradesh, brought together leading domestic and international investors, industry representatives, and business lead..

Next Story
Equipment

Raimondi Names New Saudi Branch Head

Raimondi Middle East has announced the appointment of Ahmad Shakkour as Branch Manager for the Kingdom of Saudi Arabia, reinforcing the company’s commitment to expanding its presence in one of its key regional markets.With Saudi Arabia driving a wave of large-scale infrastructure and urban development projects, Raimondi aims to strengthen its on-ground operations and customer engagement. The company currently has over 100 cranes deployed across the country and continues to expand its technical and service teams to support growing demand.“Saudi Arabia represents a cornerstone of our regiona..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?