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 Faisal Prize: Rewarding services to all of humanity

Updated 26 March 2019
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King Faisal Prize: Rewarding services to all of humanity

RIYADH: Prince Turki Al-Faisal’s father, the late King Faisal, was a beacon of aspiration and hope. 

During his reign, the first girls’ schools were introduced, and he focused on educating the Saudi population as a whole to promote peace. 

The King Faisal Foundation was founded by King Faisal’s sons and daughters to commemorate his memory and vision. 

The significance of the annual King Faisal Prize (KFP) dates back to when a reporter asked him how he saw Saudi Arabia in 50 years’ time. 

The king responded: “I see Saudi Arabia in 50 years’ time as a wellspring of radiance for humanity.” 

The root of the foundation and the prize stems from his vision for all of humanity: Peace through education.

“The prize was established by the King Faisal Foundation soon after the foundation was formed,” Prince Turki told Arab News.

“It carries the message that the welfare of humanity is the primary importance of service to humanity,” he said. 

“The versatility of Islam is celebrating knowledge for all nationalities. As the first verse in the Holy Qur’an was ‘Read,’” Dr. Abdul Aziz Al-Subayyil, secretary-general of KFP, told Arab News. 

“This a universal dialogue between all nationalities and scientific fields, which seeks peace through knowledge.” he said.  

The significance of the Prize shows that: “This is the real Islam and this prize in the country of the Two Holy mosques represents that we are trying to observe the teaching of Islam and its implementation through the prize, which is the encouragement of science and introducing knowledge to people,” Al-Subayyil said.