Saudi Arabia plans to invest 550 billion riyals ($147 billion) in transport and logistics over the next nine years as Crown Prince Mohammed bin Salman looks to turn the kingdom into a global aviation hub.
About 35% of that spending will come from the government and the rest from the private sector as officials launch a new international airline, expand airports, build a broader train network and explore new technologies, Transport Minister Saleh Al Jasser said Monday.
“Many of the targeted projects are bankable projects, attractive projects,” the minister said in an interview in Riyadh. “This will open big opportunities for partnership with the private sector, whether local or international.”
- A “major expansion” of airport infrastructure in Jeddah and Riyadh
- Pushing forward with plans to build a train linking Jeddah with Riyadh and the East coast. Al-Jasser said he expects a consortium of foreign companies to deliver a proposal later this year on delivering the “land bridge” project
- Exploring the use of futuristic technologies like Hyperloop and the new generation of Maglev
- The new airline is expected to launch “as soon as possible,” Al Jasser said. “It won’t take many years before this airline is operational.”
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