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Saudi maritime investment to reach $50 billion

"It is possible to estimate that investment in this field will be no lower than $50 billion across all its activities," Gulf Capital CEO Issa al-Hamadi told the London-based paper in an interview.

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May 29, 2011 3:54 by



Saudi Arabian maritime transport investments are expected to reach $50 billion, Asharq al-Awsat newspaper reported on Sunday.

“It is possible to estimate that investment in this field will be no lower than $50 billion across all its activities,” Gulf Capital CEO Issa al-Hamadi told the London-based paper in an interview.

Linked to the development of the mining and oil industries, maritime transport has immense potential for growth in the kingdom, al-Hamadi said. He called on the government to increase sponsorship of the sector, citing Singapore’s success in doing so.

Investment in the sector has been growing slowly due to bureaucracy and strategic challenges, al-Hamadi said. He called for the creation of an independent authority aimed at guiding the sector’s development.

(Reporting by Nour Merza; Editing by Amena Bakr)



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