Saudi Arabia to invest over $10 billion to develop infrastructure of 11 cities

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Saudi Arabia will invest 40 billion riyals ($10.6 billion) in developing local infrastructure projects, Al Arabiya reported on Saturday citing the Ministry of Municipal and Rural Affairs and Housing.

Under the new agreement, nearly 90 million square meters will be allocated for the local infrastructure projects to provide over 150,000 housing units across 11 cities in an effort to accommodate around 750,000 people.

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In addition, nearly 54 million square meters will be allocated for public areas, facilities, parks, road networks and public transport.

The agreement was signed in the presence of the Saudi Arabia’s Minister of Housing Majid al-Hogail on the sidelines of an exhibition organized by the Ministry of Municipal and Rural Affairs and Housing in Riyadh which is set to run until September 28.

Earlier in September, Saudi Arabia’s finance ministry signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said.

Vision 2030, a roadmap drawn up by Crown Prince Mohammed bin Salman, was launched to develop the Kingdom’s strategic position, investment power and place at the center of the Arab world and the region.

In 2017, NEOM was announced by the Crown Prince as part of the Kingdom’s drive to diversify its oil-reliant economy.

The Crown Prince Mohammed bin Salman intends NEOM to be a futuristic, sustainable community joined together by The Line – a 170-kilometer stretch of car-free communities linked by public transport.

With Reuters

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