The Kingdom of Saudi Arabia’s transport ministry has announced a $150 billion fund to develop the country’s transport and logistics infrastructure. The funds will be used for the development of public transport, railways, and airports expansion. It is a part of the government’s push to diversify its economy and reduce dependency on oil.
Around 35 percent of the $150 billion would be sanctioned by the Kingdom’s government, whereas, the remainder of the funds would come from private investors.
While speaking at an event, Abdulaziz Al-Duauilj, the head of the aviation authority said that Saudi Arabia plans to increase the number of international aviation routes from 99 to over 250 and more than triple total annual passenger traffic from 103 million in 2019 to 330 million by 2030.
During the launch of the logistics and transport blueprint last week, Crown Prince Mohammed bin Salman said, “This strategy will strengthen human and technical capabilities in the transport and logistics sector in the Kingdom.”
Recently, it was announced that the International Air Transport Association (IATA) will set up its Africa and Middle East regional office in the Kingdom of Saudi Arabia. An agreement was signed between IATA and Saudi Arabis’ General Authority of Civil Aviation.
In a press release, the authorities said, “The presence of the regional office of the International Air Transport Association (IATA) in the kingdom will augment the provision of the necessary support for air transport companies within the kingdom and the region.”