Representatives of 30 top infrastructure companies, housing and allied sectors including Hiranandani Group, Tata Projects, Afcons, L&T, Waaree, VA Tech Wabag, MMS Enterprises Ltd., Shalimar Corp Ltd, and ACME Group are heading to Saudi Arabia to explore possible contracts and investment opportunities in the $500 billion futuristic mega city Project “NEOM” and the Red Sea Tourism Project.
These infrastructure projects are part of the mega development project ‘Vision 2030’, launched by the Kingdom that is planning to shift from a oil based economy to an industrial manufacturing-based productive economy.
Going under the umbrella of the Minister of External Affairs (Economic Diplomacy Division), the Indian Embassy in Saudi Arabia and industry body Trade Promotion Council of India (TPCI), during the two day visit starting Nov 27, the industry honchos will interact with the key decision makers of the Saudi Government and business community.
The infrastructure projects are part of the Kingdom’s initiative to expand their economy through major structural changes and mega projects like NEOM, new roads/railroads, airports and sea ports and Qiddiya entertainment city.
According to officials Indian firms from infrastructure, housing and allied sectors, stand an excellent chance to benefit from business contracts and investment opportunities that are opening up.
The Vision 2030, announced by the young Saudi Crown Prince Mohammad bin Salman, has a potential to expand the Kingdom’s economy through major structural changes and mega projects like NEOM, new railroads, airports and sea ports and Qiddiya entertainment city.
The Vision 2030 is expected to open up new opportunities for Indian companies and professionals in various sectors including railways, hospitality, tourism, airport, housing, IT and entertainment.
According to reports, Saudi Arabian General Investment Authority had recently issued more than 400 licenses to Indian firms. There is also scope for participating in the high speed 450-km railway line linking Mecca and Medina and a new airport in Jeddah.
The Indian investments in Saudi Arabia amounting to $ 1.5 bn are more compared to the nominal investments of $ 16 million made by them here.
Saudi Arabia is the fourth largest trading partner for India with bilateral trade exceeding $ 25 billion in 2016-17. As India’s largest supplier of crude oil, Saudi Arabia accounts for about 20% of country’s total annual imports.
About 3.2 million strong and vibrant Indian community sending $10 billion of annual remittances back home forms the largest expatriate group in Saudi Arabia. Their positive and well-appreciated contribution in the development of their host country has been an important element of India-Saudi Arabia bilateral engagement.