Saudi Investment Minister Khaled Al Falih said the kingdom’s petrochemical sector is poised to attract investments of up to $600 billion in by 2030, according to a report.
Speaking at the Saudi-Japanese Investment Forum held in Riyadh on December 25, the minister announced the sealing of 14 agreements and memorandums of understanding between Saudi and Japanese entities at the forum.
These agreements encompass various sectors, including water, telecommunications, information technology, energy, financial services, and healthcare.
Al Falih said that 45 major Japanese companies are participating in the forum, which will showcase opportunities for these companies to engage in large-scale projects in the kingdom, such as NEOM and the Red Sea projects.
The Japanese delegation includes 14 startups with unique technologies capable of transforming entire industries, he said.
He also referred to the energy sector as a fundamental pillar of Saudi-Japanese relations for the past 70 years.
Saudi Arabia is determined to become the world’s largest centre for clean hydrogen production and export, with Japan being the first recipient of the Kingdom’s blue ammonia shipment.
