Indian delegation visiting Saudi Arabia to tap into $500 infra projects

An Indian delegation representing the infrastructure, housing, and entertainment industries is visiting Riyadh tomorrow (Nov. 27) to explore possible contracts and investment opportunities in various projects including NEOM, the $500 billion futuristic mega city being developed in Saudi Arabia.

The delegation is organized by the Economic Diplomacy Division of Ministry of External Affairs and Trade Promotion Council of India, said a statement on Monday.

During the two-day visit, the industry representatives will interact with key decision makers of the Saudi government and industry.

“The infrastructure projects are part of the Kingdom’s initiative to expand its economy through major structural changes by developing mega projects like NEOM, new roads and railroads, airports and sea ports, development of Qiddiya entertainment city and Red Sea Tourism Project,” the statement added.

Saudi Arabian General Investment Authority has recently issued more than 400 licenses to Indian firms. There is also scope for Indian companies to partner in the high speed 450-km railway line linking Mecca and Medina and construction of an airport in Jeddah, noted the statement.

Indian investment in Saudi Arabia is worth $1.5 billion and Saudi Arabia has invested $16 million in India.