Saudi Arabia Plans $147 Billion Expansion for Transport Sector
- Aviation revamp includes new global airline with Riyadh hub
- Kingdom looks to diversify its crude-dominated economy
Travelers at the King Khalid International Airport in Riyadh.
Photographer: Xinhua/Tu Yifan via Getty ImagesThis article is for subscribers only.
Saudi Arabia plans to invest 550 billion riyals ($147 billion) in transport and logistics over the next nine years as Crown Prince Mohammed bin Salman looks to turn the kingdom into a global aviation hub.
About 35% of that spending will come from the government and the rest from the private sector as officials launch a new international airline, expand airports, build a broader train network and explore new technologies, Transport Minister Saleh Al Jasser said Monday.