Saudi Arabia aims to attract investment worth SR1.6 trillion ($427 billion) through a national industrial development and logistics programme, Energy Minister Khalid Al-Falih was quoted as saying on Saturday in a media report.

Riyadh would announce projects in the programme worth SR70 billion tomorrow (January 28) and that the programme aims to boost industry, mining, energy and logistics, added Al-Falih, reported Saudi Gazette.

Al-Falih’s announcement came during a press conference held on Saturday alongside Saudi Transport Minister Nabil Al-Amoudi ahead of the programme’s launch on Monday as part of 13 programmes within the Saudi Vision 2030 programme, the report said.

“We will witness the signing of contracts worth SR200 billion during the launch of the programme with more than 330 initiatives under its umbrella, one third of which will achieve the objectives of the Saudi Vision 2030. There will be a large private sector participation from outside the Kingdom alongside a large share of the private sector from inside Saudi Arabia,” Al Falih told reporters.

Meanwhile, Saudi Transport Minister Al Amoudi announced plans for five new airports and 2,000 km of railways, revealing further that there would be 60 initiatives within the logistics sector worth more than SR165 billion.