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Over 190 Indian firms investing in Saudi Arabia news
06 September 2007

Mumbai: More than 190 Indian companies have received licenses from the Saudi Arabian Investment Authority over the past two years to set up either fully-owned or joint venture projects with Saudis.

These companies are said to have lined up investments worth over SR4 billion (Rs43,673 crore) in the Saudi Arabia with the country emerging as a lucrative investment destination for the Indian firms.

This was disclosed by Adnan Al-Naeem, deputy secretary general of the Eastern Province Chamber of Commerce and Industry after a meeting with an Indian business delegation in Dammam.

The delegation, led by G M Gandhi, expressed a desire to establish joint ventures in plastic and derivatives industries with easy accessibility of cheap raw material from the Saudi Arabian Basic Industries Corporation.

Saudi investments in India are pegged at more than SR858 million in 55 joint ventures. They cover chemicals, computer software, cement, metals and some other industrial products.

Bilateral trade between the two countries rose to 28 per cent to cross the SR13 billion in 2006.

Saudi imports from India were valued at SR6.8 billion in 2006 while exports excluding petroleum products accounted for SR 2.6 billion in the same period.

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Over 190 Indian firms investing in Saudi Arabia