Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, seaports, rail, and other infrastructure by the end of the decade in a bid to make the kingdom a global transportation and logistics hub, its transport minister said on Monday.
Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transport and logistics drive, of which few details have been released publicly, last Tuesday. read more
Minister of Transport and Logistic Services Saleh bin Nasser al-Jasser said at an event in Saudi Arabia that the strategy included many megaprojects, with over 500 billion riyals earmarked for investment.
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