Saudi Arabia hopes to lure over $425 bln in investments

Saudi Arabia on Monday launched an ambitious programme which it hopes will attract $427 billion in investments in the industrial and logistics sectors, as the OPEC kingpin bids to reduce dependence on oil. To kickstart the 12-year programme, the Gulf state announced the signing of 37 agreements worth $55 billion with foreign and local investors at a ceremony attended by Crown Prince Mohammed bin Salman. The programme is part of the kingdom's 2030 Vision, the brainchild of Prince Mohammed, that aims to diversify its economy which has been heavily dependent on oil prices.

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