Saudi Arabia bets big on India, ready to invest $100 billion

Despite reeling under the impact of worst ever attacks on its oil installations, Saudi Arabia has said that it is looking at investing USD 100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential. Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an attractive investment destination for his country, the world’s biggest oil exporter, and it is eyeing long-term partnerships with New Delhi in key sectors like oil, gas and mining.

“Saudi Arabia is looking at making investments in India potentially worth USD 100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told PTI in an interview.

The envoy said more than 40 opportunities for joint collaboration and investments between India and Saudi Arabia across various sectors have already been identified, adding the current bilateral trade of USD 34 billion will undoubtedly continue to increase. He said Saudi Arabia’s biggest oil giant Aramco’s proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.