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