Saudi Arabia plans to invest $147B in transport sector by 2030

Saudi officials want to turn Riyadh into a global business hub and attract 100 million tourists a year by 2030.

Saudi Arabia plans to invest 550 billion riyals ($147 billion) in transport and logistics over the next nine years as Crown Prince Mohammed bin Salman looks to turn the kingdom into a global aviation hub. About 35% of that spending will come from the government and the rest from the private sector as officials launch a new international airline, expand airports, build a broader train network and explore new technologies, Transport Minister Saleh Al Jasser said Monday. “Many of the targeted projects are bankable projects, attractive projects,” the minister said in an interview in Riyadh. “This will open big opportunities for partnership with the private sector, whether local or international.”