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Al-Falih Starts US Visit to Reinforce Saudi-US Commercial, Investment Partnership

Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
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Al-Falih Starts US Visit to Reinforce Saudi-US Commercial, Investment Partnership

Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih began Wednesday a visit to the US. His visit aims at highlighting Saudi Arabia as a major global investment destination.

The trip comes in the wake of Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, launching Saudi Arabia’s National Investment Strategy.

During the visit, the minister will meet with a group of US officials to enhance the ongoing strategic trade and investment partnership between the United States and Saudi Arabia.

The visit also aims to encourage American investors to seize the opportunities offered by the great economic transformation that the Kingdom is experiencing, as well as the unprecedented avenues of investment that have become available in many economic sectors as a result of the launch of Saudi Vision 2030.

As part of his US itinerary, Al-Falih spoke on Wednesday at the Milken Institute Global Conference in Los Angeles about the role of the National Investment Strategy in attracting foreign investors and companies.

Al-Falih will meet in Washington, DC, with several influencers, decision-makers, and chief executives of a group of companies based in the US.

In a statement on his visit, Al-Falih said the National Investment Strategy would lead to a significant change in the investment landscape in the Kingdom, which will provide unprecedented opportunities and advantages for investors.

“We consider US investors to be our partners, and we hope that they will seize the tremendous opportunities presented as part of our transformation. American innovation and expertise have a long and rich history in the Kingdom,” he added.

“In addition, we seek that American investments continue its fundamental role in the economy of the Kingdom of Saudi Arabia, which is moving towards a new promising stage in its development,” noted the minister.

The National Investment Strategy aims to make Saudi Arabia one of the 15 largest economies globally and increase the investment share to 30% of GDP by 2030.

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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)

Kazakh Ambassador to Saudi Arabia, Madiyar Menilbekov, announced that his country eagerly anticipates the completion of ACWA Power’s first wind energy project in the Zhetysu region. This project, led by the Saudi company, will have a total capacity of 1 gigawatt and an investment value of approximately $1.5 billion.
ACWA Power announced last March that it would execute this project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. Construction is expected to commence in the summer of 2025.
Menilbekov told Asharq Al-Awsat that both countries “have established a solid political dialogue at a high level, along with cooperation in trade, economics, culture, and parliamentary exchange.” He expects this high-level dialogue to continue at the upcoming COP 16 summit in Riyadh.
He further emphasized that trade, economic, and investment cooperation is the cornerstone of the bilateral relationship, noting: “Both countries share a similar outlook on economic development, reflected in Kazakhstan’s Strategic Program 2050 and Saudi Arabia’s Vision 2030.”
The Kazakh ambassador highlighted that last September, the Islamic Development Bank approved financing for projects in Kazakhstan focused on water resource development, enhancing agricultural productivity, and ensuring food security, with total allocations amounting to $1.153 billion.
In tourism, he noted significant progress toward establishing direct flights between the two countries. Air Astana launched flights between Shymkent and Jeddah in October and announced a route from Almaty to Medina, bringing the total to six direct flights. Additionally, Kazakh companies in construction, oil services, and IT have recently opened offices across Saudi Arabia. The Farabi Innovation Center was inaugurated in Riyadh to attract talented entrepreneurs and innovative startups from Nur-Sultan and Central Asia to the Kingdom.
Menilbekov explained that since gaining independence, Kazakhstan’s GDP has grown 17-fold, with foreign trade reaching $139.8 billion last year. He added: “Since 1993, Kazakhstan has attracted a total of $441 billion in foreign direct investment, allowing our economy to remain one of the most dynamic in Central Asia and the post-Soviet region.”
According to Menilbekov, Kazakhstan is the world’s largest producer and exporter of natural uranium, responsible for more than 45% of global production and exports. He also noted that Kazakhstan produces 18 of the 34 raw materials identified by the European Union as “critical materials.”
Menilbekov further mentioned that Kazakhstan possesses 200 million hectares of agricultural land, with about 100 million hectares currently under regular cultivation.