Uzbekistan and Saudi Arabia Boost Ties with $2.5 Billion Investment Commitment

Photo credit: The Press Service of the President of Uzbekistan

On November 11, Uzbekistan’s President Shavkat Mirziyoyev met Saudi Arabia’s Minister of Investments, Khalid al-Falih, during the extraordinary Arab-Islamic Summit currently being held in Riyadh.

Cooperation between Uzbekistan and Saudi Arabia has rapidly developed in recent years. The volume of mutual trade, the scope of cooperation, and also the number of flights between the countries are increasing, The Caspian Post reports, citing The Times of Central Asia.

By the end of this year, Saudi Arabian companies are expected to attract about $2.5 billion worth of investments in areas such as “green” energy, healthcare, transport infrastructure modernization, heat and water supply, agriculture, housing, and communal economy.

Mirziyoyev also met with Muhammad bin Salman Al Saud, the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

Mirziyoyev noted that effective cooperation has been established with the leading company “ACWA Power,” which is modernizing Uzbekistan’s energy sector through direct investments and advanced technologies.

Emphasis was placed on developing wind and solar power plants across various regions of Uzbekistan and accelerating projects to produce “green” hydrogen. Additionally, an agreement was reached to engage Saudi Arabian companies and consultants to localize production and improve energy efficiency in Uzbek enterprises.