Saudi prince sees “useful returns” from $100 billion investment

Saudi Arabia’s Crown Prince Mohammed bin Salman said yesterday he saw investment opportunities of more than $100 billion in India over the next two years as he began his first official visit. “Today we expect the opportunities we are targeting in India in various fields to exceed $100 billion in the coming two years… we want to work with you, Mr Prime Minister, to ensure these investments are made and to ensure useful returns for both countries.”

The Crown Prince said in a joint press appearance after talks with Indian Prime Minister Narendra Modi. Giant petroleum and natural gas company Saudi Aramco said it was in talks with India’s Reliance Industries Ltd for possible investments and was seeking other opportunities. During the press briefing, Modi said he had agreed with the prince to strengthen cooperation on counter-terrorism and naval and cyber security.

The two countries signed agreements on investment in infrastructure, housing sector and tourism. Modi has sought to use India’s fast-growing economy to attract more investment from Saudi Arabia and other Islamic nations since he took office.