Saudi Arabia signs $54.4 billion of deals

Oil-rich kingdom offers fresh incentives to attract capital as part of 10-year programme that would help diversify its economy.

RIYADH - Saudi Arabia said on Monday it had signed agreements worth 204 billion riyals ($54.4 billion) and offered fresh incentives to attract capital as part of a 10-year programme that would help diversify the economy of the world's top oil exporter.

The kingdom is offering investment opportunities in mining, industry, logistics and energy through its National Industrial Development and Logistics Program (NIDLP).

That is part of an economic plan launched by Crown Prince Mohammed bin Salman in 2016 to end dependence on hydrocarbons and create jobs for young Saudis.

NIDLP aims to boost the contribution of these sectors to $320 billion by 2030 to GDP, stimulate investments worth more than $426 billion, and increase the volume of non-oil exports to over $260 billion within an unspecified time period.

It also wants to generate 1.6 million new jobs.

"The programme will be an outstanding achievement within the economic diversification process led by your royal highness," Energy Minister Khalid al-Falih said at a day-long event where Prince Mohammed made a brief appearance.

"Those who bet on Saudi Arabia will not lose while your royal highness is steering."

Prince Mohammed, who did not deliver remarks but posed for selfies with attendees, has been the main driver of efforts to transform Saudi Arabia's economy and ease some social restrictions.