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Saudi Arabia and Uzbekistan sign investment deals worth $12bn

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.

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