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A new joint venture firm, owned by Abdulaziz Alsaghyir Holding Company and Abdul Mohsen Al Hokair Trading Group, has earmarked US$1.33bn for investment in infrastructure projects and services in Saudi Arabia
Qudurat Development Holding Company will focus primarily on airports management and operations, water, and renewable energies, according to the company statement.
The new holding company has earmarked US$1.33bn in the first three years of its operation to implement and manage technical-related projects in the infrastructure sector, local media reported.
Hisham Alsaghyir, chairman of Qudurat Development Holding Company, said that the establishment of the new company falls in line with the ambitious expansion plans of the two partner companies.
“The partnership is also in line with the strategy of broadening their base, developing their business and expanding into new sectors, which consequently enhances the kingdom’s privatisation efforts and strengthen the sector with huge investment opportunities.”
Qudurat Development Holding Company said that the capital outlay is aimed at achieving a myriad of corporate objectives, such as maximising the added value to national economy, establishing specialised companies in collaboration with international technical partners, transferring knowledge and technologies to the kingdom and increasing the non-oil foreign investment in Saudi Arabia.
Alsaghyir added, “In its first phase, the new company shall mainly focus on the market given the size of its infrastructure privatisation sector and also in order to fulfill the local requirements. Nonetheless, Qudurat shall later expand its scope of activities to include the rest of GCC countries.”