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30 Indian companies to visit Saudi Arabia to explore $500-billion mega city projects. Here?s more!

2018-11-14

A delegation consisting of representatives of 30 top infrastructure companies, housing and allied sectors, including L&T, Hiranandani Group, Tata Projects, Afcons, Waaree, Shalimar Corp, VA Tech Wabag, MMS Enterprises and ACME Group are reportedly planning to visit Saudi Arabia 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).

The purpose of this visit is to explore possible contracts and investment opportunities in the $500-billion mega city Project NEOM and the Red Sea Tourism Project. These infrastructure projects are part of Saudi Arabia?s mega development project ?Vision 2030?. During the two-day event, to commence from November 27, the industrialists are reportedly seeking to talk to key decision-makers of the government and the business community of the country.

The Kingdom is planning to expand its economy through major structural changes and development projects such as NEOM, new roads, rail-roads, airports, sea ports and the Qiddiya entertainment city. Indian companies belonging to the housing, infrastructure and allied sectors can hugely benefit from the possible contracts and investment opportunities.

The Vision 2030 is expected to create avenues for Indian companies and employees in various sectors including airport, housing, railways, hospitality, tourism, IT etc. As reported, Indian companies have received 400 licenses from the Saudi Arabian General Investment Authority. The companies can also explore to participate in the high speed 450-km railway line linking Mecca and Medina, and a new airport in Jeddah.

India has invested close to $1.5 billion in Saudi Arabia. With bilateral trade standing at $25 billion in 2016-17, it is the fourth-largest trading partner of India. Close to 3.2 million Indians send $10 billion annual remittances, creating the largest expatriate group in Saudi Arabia.