Saudi Arabia commits $100 billion investment deal with India

Posted on September 15, 2023   |  

Saudi Arabia and India agreed on a notable $100 billion investment, with half of it designated for the Al-Saeed oil refinery project on India's western coast.

Both nations signed 20 complete agreements containing economic, banking, commercial, and technological cooperation, with the Saudi Crown Prince's visit to India following the G20 summit.

Over 50 additional agreements are in the pipeline, spanning sectors such as information technology, communications, entrepreneurship, chemicals, energy, and advanced industries.

India currently ranks as the world's 3rd-largest importer of crude oil, with daily imports exceeding 4.2 million barrels.