Skip to content Skip to Search
Skip navigation

Saudi Arabia and Uzbekistan sign investment deals worth $12bn

By Pramod Kumar
SPA
The mutual trade between Saudi Arabia and Uzbekistan reached $95 million in the first half of 2022, from just $17 million last year

Saudi Arabia and Uzbekistan have signed around 10 investment agreements worth over SAR45 billion ($12 billion), local media reported.

“Over 10 agreements were signed between the Kingdom and Uzbekistan in several sectors, with a value exceeding SAR45 billion,” Arab News reported, citing Saudi Minister of Investment Khalid Al-Falih.

The signed agreements aim to explore investment opportunities and enhance mutual investments in several target sectors such as air transport services, livestock, agriculture, sports, education, science, media, energy and technology, state-owned Saudi Press Agency reported.

Saudi-listed ACWA Power announced plans to sign a $2.4 billion deal for a 1,500MW wind project in Karakalpakstan, Uzbekistan. The project aims to power 1.65 million households and offset 2.4 million tons of carbon emissions annually.

The mutual trade between Saudi Arabia and Uzbekistan reached $95 million in the first half of 2022, from just $17 million last year, SPA reported.

Latest articles

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]

Alstom's upgraded passenger transit system will help reduce emissions at King Abdulaziz International Airport

Alstom to upgrade driverless transit system at Jeddah airport

French train maker Alstom will upgrade the automated and driverless passenger transit system at King Abdulaziz International Airport, as the Jeddah airport aims to receive 114 million passengers by 2030. As part of the contract, Alstom will design, engineer, supply, integrate, test and commission a complete system upgrade of its Innovia automated people mover (APM) at the airport’s terminal […]