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Saudi Arabia Eyes $420b Foreign Investments in Infrastructure, Transportation

Saudi Investment Minister Khalid al-Falih speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat
Saudi Investment Minister Khalid al-Falih speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat
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Saudi Arabia Eyes $420b Foreign Investments in Infrastructure, Transportation

Saudi Investment Minister Khalid al-Falih speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat
Saudi Investment Minister Khalid al-Falih speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat

Saudi Investment Minister Khalid al-Falih revealed that the Kingdom’s infrastructure and transportation sectors are seeking to attract around $420 billion in foreign investments over the next decade.

Speaking at the US-Saudi Arabia Business Leaders 2021 Virtual Forum, a two-day event organized by the US Chamber of Commerce in Washington, Falih said his country offers a variety of opportunities across different sectors that are attractive for US investors.

According to Saudi Arabia’s national plan for transformation and economic diversification, dubbed “Kingdom Vision 2030,” foreign investments in the Gulf state are projected to reach $3 trillion.

Reaffirming that the Saudi economy enjoys a great resistance ability against challenges posed by the coronavirus pandemic, Falih said that authorities in the Kingdom have taken effective measures that increased foreign investments by 40%.

The minister confirmed that work in the Kingdom is underway to achieve social and economic transformation outlined by Kingdom Vision 2030.

He highlighted that Saudi Arabia is committed to becoming carbon neutral and that it wants to derive 50% of its electricity from renewables by 2030.

Falih revealed that the Kingdom is looking to establish and develop partnerships with green energy companies in the US.

He also stressed that great investment opportunities are present in the Kingdom’s mining field. Saudi Arabia aims to attract investments worth $1.3 trillion to its mining sector after it completes implementing new regulations designed to boost transparency.

In the field of logistics, Falih pointed out that the Kingdom seeks becoming a major player in the field of investment in infrastructure and the development of ports and railways.

He reaffirmed the Kingdom has a goal of attracting $420 billion worth of investments in its infrastructure development sector over the next decade.

As for tourism and entertainment, Falih highlighted the vast opportunities offered by the Kingdom’s future smart cities, which aim to raise $200 billion in investments.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.