Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
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Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)

A meeting between Saudi and Swiss officials was held on Thursday in the capital Berne where talks focused on promoting cooperation between the two countries at the industrial and mining levels, and increasing non-oil exports.

The round table meeting was chaired by Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef, and Helene Budliger Artieda, Swiss minister of state for economic affairs.

The meeting was held in the presence of more than 15 major Swiss companies.

The two sides reviewed promising investment opportunities in these sectors in accordance with the objectives of "Saudi Vision 2030" and the national strategy for industry, which aims to expand the industrial base in the Kingdom.

Al-Khorayef’s visit to Switzerland aims to promote growth opportunities between the two countries in a number of promising industries, increasing access to Saudi non-oil exports to European markets, and attracting qualitative foreign investments in targeted sectors.



Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.