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FinancialNews


  • 15-09-22

    Saudi Ministry, domestic banks ink USD6.6B deals for infrastructure ventures

    (MENAFN) Saudi Arabia’s Ministry of Finance has inked a good amount of investments deals with many domestic banks, reaching SR25 billion (USD6.6 billion) to operate infrastructure ventures by the National Debt Management Center.

    The infrastructure ventures are planned to launch within the next two years, as said in a statement.

    According to Saudi Vision 2030, this derives as part of the ministry’s goal towards allowing and backing tactic infrastructure ventures.

    In line with worldwide real estate consultancy Knight Frank, the nation is on its path to becoming the world’s largest construction site with an overall investment of SR4.13 trillion (nearly USD billion) in infrastructure as well as real estate ventures.

    The real estate company estimated that Riyadh’s population is going to amount to 17 million by the end of this decade, increasing from around 7.5 million as of today.

    The city has showed real estate ventures valued at USD104 billion since the nation’s National Transformation Plan started 6 years ago.

    “Vision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,” Faisal Durrani, associate and chief of Middle East research, Knight Frank, earlier informed Arab News.

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