Saudi Ministry of Environment allocates $104.7bn for development projects in the water sector
Saudi Arabia’s Ministry of Environment, Water, and Agriculture has allocated as much as SR393 billion ($104.7 billion) for 3,300 development projects in the water sector, according to the minister Abdul Rahman bin Abdul Mohsen Al-Fadhli.
The projects are set to include all stages of the supply chain and work is currently underway to either implement them, award them, or purchase the service from the private sector, Al-Fadhli explained.
Around 2,000 of the projects have already been financed at a total cost of SR210 billion, he noted.
These developments come as the Kingdom’s agriculture sector sees a remarkable development which is evident in the increase in its contribution to the gross domestic product by SR72 billion in 2021, Al-Fadhli highlighted during his participation in Al-Ahsa Forum 2023.
In addition to this, the agriculture sector has approved as much as SR91 billion to implement initiatives, programs and incentives for farmers, the minister disclosed.
Those initiatives are projected to further propel the development of the agricultural and food sector and raise its efficiency, he clarified.
Moreover, the initiatives will also contribute to attracting investments estimated at more than SR159 billion, Al-Fadhli said.
This poses an opportunity for the active partners from the private sector to take advantage of the investment opportunities provided by these new directions in the environment, water and agricultural sectors, the minister stressed.
There is work underway regarding the implementation of a desalinated water production system in the eastern region which is set to boost production by about 800,000 cubic meters per day, he added.
Furthermore, the ministry has also adopted the National Environment Strategy which entails up to 64 diverse initiatives and an investment of around SR52 billion solely dedicated to achieving its objectives and goals.
The new adopted strategy will also create investments for the private sector that will add more than SR120 billion to the GDP and will contribute to creating more than 100,000 job opportunities.