Saudi maritime investment to hit $50bn
Riyadh, May 29, 2011
Saudi Arabian maritime transport investments are expected to reach $50 billion, Asharq Al-Awsat newspaper quoted a senior executive as saying.
'It is possible to estimate that investment in this field will be no lower than $50 billion across all its activities,' Gulf Capital CEO Issa Al-Hamadi told the London-based paper in an interview.
Linked to the development of the mining and oil industries, maritime transport has immense potential for growth in the kingdom, Al-Hamadi said. He called on the government to increase sponsorship of the sector, citing Singapore's success in doing so.
Investment in the sector has been growing slowly due to bureaucracy and strategic challenges, Al-Hamadi said. He called for the creation of an independent authority aimed at guiding the sector's development. - Reuters