(MENAFN- Trend News Agency)
Saudi Arabia will invest 40 billion riyals ($10.6 billion) in
developing local infrastructure projects in 11 cities, state TV
reported on Saturday citing the Ministry of Municipal and Rural
Affairs and Housing, Trend reports citing Al Arabiya .
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
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 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.
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