JEDDAH: Saudi conglomerate Ajlan & Bros Holding Group is eyeing an investment of $2 billion in a city project in Uzbekistan’s capital Tashkent as it signed multiple memorandums of understanding with Uzbek entities, the conglomerate’s CEO has confirmed.
These MoUs were signed during the Saudi-Uzbek Business Council meeting in Jeddah on Wednesday.
“The first agreement we signed was with the Tashkent city, the capital of Uzbekistan, and this is to cover multiple opportunities to develop infrastructure, commercial zones and industrial zones and retail zones in the city,“ Ali Al-Khatib, CEO of industrial manufacturing at Ajlan & Bros Holding Group told Arab News.
Al-Khatib noted that the Tashkent city project is currently in its planning stage and things will be finalized soon after discussions with partners.
The second agreement with the Ministry of Agriculture of Uzbekistan focuses on investments in the farming and agricultural sector.
“We are also exploring the strategic red meat sector, where we aim to invest in the sector in Uzbekistan, and later bring it back to the Kingdom’s markets,” Al-Khatib added.
He added that the investments in the agricultural sector could range between $50 million to $100 million.
