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Saudi Arabia this week launched its National Industrial Development and Logistics Program (NIDLP), a flagship element of Crown Prince Muhammad bin Salman’s Vision 2030 strategy to wean the economy away from oil.
The program aims to secure $450bn in investments by 2030 in four key sectors: industry, mining, energy and logistics. Upon its 28 January launch, Riyadh lauded the signing of 66 deals worth $54bn. A big sum. But details were sparse: as with the October’s Future Investment Initiative (FII) many were essentially re-packaged pre-existing deals.
Speaking ahead of the launch, Energy Minister Khalid al-Falih said the NIDLP is slated to “create 11 new industries such as aerospace, automotive, pharma, biomedicine, chemicals and defense.” It will “be the nucleus around which other sectors such as banking, services and logistics will also grow,” he adds. (CONTINUED - 1010 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi Arabia Key Trade Figures ($Bn)|