Uzbekistan, Saudi Arabia Strengthen Investment Ties with $122M Industrial Project

A high-level Uzbek delegation led by Deputy Prime Minister Jamshid Khodjaev has visited the Kingdom of Saudi Arabia to boost investment and industrial cooperation.

During meetings with Saudi Minister of Investment Khalid Al-Falih and executives from leading Saudi companies, the sides explored new opportunities in industry, energy, infrastructure, healthcare, and labor migration, The Caspian Post reports via Uzbek media.

The visit concluded with the signing of a major agreement between Uzbekistan’s Ministry of Investments, Industry and Trade and Riyadh Cables Group to establish a high-voltage cable manufacturing plant in Tashkent. Valued at $122 million, the project will produce 24,000 tons of cable annually and create 340 new jobs.

Both sides also approved a Practical Action Plan covering more than 20 joint projects in energy, water management, IT, agriculture, and infrastructure - marking a new chapter in Uzbek-Saudi economic partnership.