Delegation from India in Saudi Arabia, seeks contracts

An Indian delegation of top company representatives from the infrastructure, housing and allied sectors,  will be on a two-day visit to Saudi Arabia beginning Tuesday to explore investment opportunities in the $500 billion mega city projects being executed in the Kingdom, an official said here.

A Union Commerce Ministry release Monday said that the tour has been organised by the Economic Diplomacy Division of India’s External Affairs Ministry (MEA).

The infrastructure projects are part of the Kingdom’s initiative to expand their economy through major structural changes and developing mega projects, new roads and railroads, airports, sea ports and tourism.

“The projects coming up in Saudi Arabia are part of ‘Vision 2030’, launched by the Kingdom, in order to shift from an oil-based economy to an industrial manufacturing-based productive economy,” the statement said.

“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,” it added.