Saudi Arabia to invest SAR 27 bln on NIDLP initiatives in 2019: official

Saudi Arabia has allocated SAR 27 billion in expenditure for the National Industrial Development and Logistics Program (NIDLP) projects and initiatives in 2019, Al-Eqtisadiah reported, citing Abid Al Saadoun, the program’s CEO and Deputy Minister of Energy, Industry and Mineral Resources.

“The Kingdom invested around SAR 11 billion in some of these projects which were launched five months ago,” Al Saadoun said.

“Saudi Arabia currently is in ongoing investment talks with three to four auto manufacturers,” he said, adding that “talks reached an advanced stage and agreements may be concluded with one or two of these companies this year.”

“Luring investments is not an easy task, however, investors may capitalize on market competitiveness in the Kingdom,” he noted.

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. 

The new program, in line with Saudi Vision 2030, is forecast to help the development of eleven industries. It includes more than 300 initiatives, aiming to increase the share of non-oil exports to 50 percent of all Saudi exports.