$ 15 billion.. The value of BlackRock investments in Saudi Arabia

BlackRock Group head of Asia and the Pacific, Rachel Lord, announced in a speech she delivered on the occasion of Investor Day today, Wednesday, that BlackRock has pumped investments in excess of $ 15 billion in natural gas pipelines in Saudi Arabia, adding that the group has a group of strong investment opportunities. forthcoming in the Kingdom.

Rachel Lord added that the group's asset management company expects strong demand from its clients around the world to invest in infrastructure in the Kingdom of Saudi Arabia.

Non-oil economy 

It should be noted that, according to the report issued by the International Monetary Fund, the growth of the non-oil economy of the Kingdom of Saudi Arabia is expected to remain strong in the current 2023; Growth within the non-oil sectors is likely to average 5% this year.

International Monetary Fund

However, the International Monetary Fund believes that OPEC Plus production cuts will likely reduce Saudi Arabia's overall real growth to 2.1% in 2023, and the organization's expectations indicate that the Saudi government will be able to control core inflation this year while the consumer price index will be higher. slightly at 2.8% compared to 2022.

In a related development, the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, said during press statements that his country intends to attract investments estimated at about $20 billion in the food industry sector by 2035.

Investments target projects

He added that these investments target projects in the sectors of poultry, dairy and its derivatives such as cheese and others, the bakery and sweets sector, and the beverage and juice sector.

Increase the value of exports

Bandar Al-Khorayef added that Saudi Arabia also aims to increase the value of the country's exports of food products from $3.7 billion last year to $10.9 billion in 2035, according to the objectives of the national strategy for industry, which seeks to double the sustainable growth of the food industry sector, and achieve rewarding economic returns for the Kingdom. 

At the same time, the Saudi official stressed that the food industries sector is one of the main sectors targeted in the national strategy for industry inside the Kingdom due to its importance in achieving food security, enhancing economic diversification, meeting local demand, and increasing exports to regional and global markets.

110 billion riyals

It should be noted that the Saudi Ministry of Industry and Mineral Resources had announced, at the beginning of this month, that the volume of investment in the food industry in the Kingdom amounts to more than 110 billion riyals, which represents 7.6% of the total volume of investments in the industrial sector inside the country.