Crown prince: Saudi investment in India to reach $100bn

Indian Prime Minister Narendra Modi shakes hands with Saudi Crown Prince Mohammed bin Salman prior to a meeting at Hyderabad House in New Delhi on February 20, 2019. (File/ AFP)
Updated 21 February 2019
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Crown prince: Saudi investment in India to reach $100bn

  • Mohammed bin Salman says value of investments to increase rapidly over next two years
  • Modi praised relations between the two countries after signing cooperation agreements

DUBAI: Crown Prince Mohammed bin Salman said on Wednesday he expects Saudi Arabia’s investments in India will be worth $100 billion in the next two years.

During a press conference with India’s Prime Minister Narendra Modi, the crown prince said the Kingdom had invested $10 billion in technology and small companies in India which had “achieved very remarkable returns.”

Speaking on the second day of hist India visit, and after the signing of five agreements with Modi, the crown prince also said that there were many opportunities for India in Saudi Arabia.

“We expect that the opportunity we are developing in India in many fields will exceed 100 billion dollars over the next two years,” Prince Mohammed said. “We want to work as two governments to ensure these investments and achieve beneficial returns for both countries. 

“We also hope that relations between the Kingdom of Saudi Arabia and India will contribute to providing more opportunities for Indian laborers and manpower to contribute to the future of the Kingdom of Saudi Arabia and building the Kingdom's Vision 2030.”

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The crown prince spoke of the depth and history of relations between the two countries, acknowledging the role Indian labor and businesses had played in the Kingdom’s development.

He also said the economic partnerships were grounded in the two nation’s similar challenges - “extremism, terrorism and the security of the Indian Ocean.”

He said Modi’s visit to the Kingdom in 2016 had achieved investments worth $44 billion in refining and petrochemicals.

The two countries planned to expand India’s oil storage capacity to make India an “important regional center in distributing oil and its products.”

"As a neighbor who guarantees suppying us with energy needs, the Kingdom is considered India's most important partner," Modi said. "We have enhanced our relations through establishing a strategic partnership."

The crown prince and Modi earlier oversaw the signing of agreements in the fields of investment, tourism, housing and information and broadcasting.

It was also announced that the Kingdom would join the International Solar Alliance, a group of countries focussed on improving solar technology.

Prince Mohammed then met a number of CEOs from India's leading businesses.

The crown prince arrived in India after a two-day trip to Pakistan as part of a tour of Asia.

Earlier he attended a ceremonial welcome in New Delhi after landing in the country on Tuesday evening.


King Salman receives Saudi Arabia’s regional governors 

Updated 22 May 2019
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King Salman receives Saudi Arabia’s regional governors 

  • The king directed the governors to take care of the citizens and expatriates' interests,

JEDDAH: King Salman received the governors of the administrative regions of Saudi Arabia, in Jeddah on Tuesday.

The king directed the governors to take care of the citizens and expatriates' interests, the Saudi Press Agency reported.

Crown Prince Mohammed bin Salman was in attendance, so too was the  Interior Minister Prince Abdulaziz bin Saud bin Naif and his deputy.

The governors were holding their 26th annual meeting.

The governors present at the meeting were:

Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region; Prince Mohammed bin Nasser bin Abdulaziz, Governor of Jazan Region; Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region; Prince Fahd bin Sultan bin Abdulaziz, Governor of Tabuk Region; Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Province; Prince Jalawi bin Abdulaziz bin Musa'ed, Governor of Najran Region; Prince Dr. Faisal bin Mishaal bin Saud bin Abdulaziz, Governor of Qassim Region; Prince Husam bin Saud bin Abdulaziz, Governor of Al-Baha Region; Prince Abdulaziz bin Saad bin Abdulaziz, Governor of Hail; Prince Turki bin Talal bin Abdulaziz, Governor of Asir Region; Prince Faisal bin Salman bin Abdulaziz, Governor of Al-Madinah Al-Munawarah Region; Prince Faisal bin Khalid bin Sultan bin Abdulaziz, Governor of the Northern Borders Region; and Prince Faisal bin Nawaf bin Abdulaziz, Governor of Al-Jouf Region.