Saudi Arabia inks $44 bln deals for industrial development, logistics: Al-Falih

Saudi Arabia has signed 25 deals worth $44 billion (SAR 180 billion) under the National Industrial Development and Logistics Program (NIDLP), energy minister Khalid Al-Falih told Al-Ekhbariya TV channel on Thursday.

The Kingdom’s mineral resources, which are estimated at over SAR 1.3 trillion, will be developed through the mining sector.

“The industrial sector development will not be restricted to basic industries, such as petrochemicals, aluminum and steel, but will rather include value-added manufacturing industries, which offer many investment opportunities to small and medium enterprises (SMEs),” Al-Falih said.

The NIDLP is expected to contribute SAR 1.2 trillion to Saudi gross domestic product (GDP), providing 1.6 million job opportunities and attracting SAR 1.6 trillion in new investments by 2030, Al-Falih said during the recently-concluded Future Investment Initiative (FII) in Riyadh.

Meanwhile, Saudi Arabia and Russia agreed to extend their pact to preserve oil stability, Al-Falih added on the sidelines of the Future Investment Initiative (FII) 2018 conference.

Commenting on partnerships with Russia, Al-Falih said that state-run Saudi Aramco is in talks with Russia's Novatek to acquire a 30 percent stake in the liquefied natural gas (LNG) project.

The major oil producer is also eying investments in two oil drilling and equipment firms, with other investments owned by the Public Investment Fund in Russian firms.