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Saudi Arabia to invest $44 billion in India: Crown Prince Mohammed Bin Salman

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"Saudi Arabia to invest $44 billion in India," says Crown Prince Mohammed Bin Salman

On visit to India, Saudi Crown Prince Mohammed Bin Salman said that Saudi has invested $44 billion in India. He also said that Saudi has invested in India’s IT industry.

Mohammad Bin Salman, arrived in India on Tuesday evening. Breaking protocol, the prince was received by Prime Minister Narendra Modi at New Delhi’s Indira Gandhi International Airport with a warm hug, signifying the importance India attaches to this visit by one of the most powerful leader in the Arab world. The two held bilateral talks over several deals, including defence, oil and trade.

The Saudi national oil company, which along with its partner UAE’s Adnoc has taken a 50 per cent stake in a planned $44 billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has bullish outlook on India’s energy demand; and is keen on investing here.

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Saudi Aramco CEO Amin Al-Nasser said he remains positive on the firm’s investment in India, and is working with partners.

Significantly, earlier this month, the Union Cabinet chaired by Modi approved the signing of an Memorandum of Understanding (MoU) between India and Saudi Arabia on establishing a mechanism for investment infrastructure in India. “The MoU will be a step forward in engaging with the institutions of Saudi Arabia to attract a potential investment into the infrastructure sector in the country. It will lead to boosting infrastructure development in the country, creation of more jobs, growth of ancillary industries/sectors which will lead to growth in GDP and overall economic prosperity,” read a government statement.

Also read: India, Saudi Arabia agree on need to exert pressure on countries backing terror

Back in November, the Crown Prince had announced plans to invest heavily in India through the National Investment and Infrastructure Fund. This will help in building highways, ports and other big infrastructure projects in India.

This visit gains significance because before visiting India, the Saudi Crown Prince visited Pakistan and committed massive investments.

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