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Saudi Arabia
Saudi Energy Minister Khalid al-Falih said on Thursday that the value of the agreements signed at the conference on the initiative for the future of investments in Riyadh rose to $ 56 billion.
"More than 25 agreements have been signed for a cost of $ 56 billion," Al-Falih said in a televised address. "US companies have signed most of the agreements signed at the conference," he said.
He said the United States would remain an "essential element" of the Saudi economy despite the boycott of the conference on future investment initiatives.
A number of Western politicians and international businessmen have distanced themselves from the investment conference in Saudi Arabia after the murder of journalist Jamal Khashoggi at his consulate in Istanbul, which provoked outrage International community.
"America will continue to be an essential part of the Saudi economy because our interests are greater than those weakened by the failed boycott campaign of the conference," he said.
While Al-Falih declined to comment on the expected price of oil, saying prices were set by market forces, non-oil revenues rose 48 percent in the third quarter to 211 billion riyals (56 percent). $ 25 billion).
Al-Falih is expected to complete the details of an agreement to acquire an interest in Saudi Basic Industries Corporation (SABIC) in the first half of 2019. He added that the sale of a stake in SABIC, a petrochemical company, Saudi Aramco is subject to regulatory conditions.
Aramco Chief Executive Amin Al-Nasser said on Tuesday that the company's proposed takeover of SABIC would take time due to antitrust rules abroad.
Al-Falih also noted that Saudi Arabia and Russia had agreed to extend their agreement in order to maintain the stability of the oil market. "The Kingdom and Russia can jointly intervene and bring other producing countries to prevent markets from becoming unbalanced," the minister said.
The Saudi Economy Minister has meanwhile said that the kingdom would offer four privatization opportunities by the first quarter of 2019 in silos and cereals, while also considering the privatization of assets in from other sectors such as education, health and desalination.
Al-Tuwaijri said at Thursday's investment conference that privatization faced a huge challenge in the labor market and that it was therefore necessary to change regulations.
He added that his country aimed to achieve a deficit-free budget over time and to run a surplus or deficit from time to time, depending on economic conditions. "There is no deficit problem when it is under control, and the surplus is good if we are going through good times, especially in a commodity dependent country."
John Bagano, CEO of the Red Sea Development Company, said the Saudi Red Sea project was to begin in 2019 and the first phase would be opened in 2022.
Saudi Arabia plans to establish resorts on 50 islands off its Red Sea coast with support from the Saudi sovereign wealth fund, the Public Investment Fund. The Red Sea project, which will take place between the cities of Amlag and Al Jawa, will include a nature reserve and coral reef and heritage site diving facilities.
Read also:
Boycott of Investment Conference in Saudi Arabia Extends
Investment conference in Saudi Arabia: Khashoggi's crime rages
The world is waiting … the future investment initiative in Saudi Arabia today!
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