Saudi Arabia on Wednesday committed to invest Rs 7,020 crore in Gujarat by inking six MoUs in solar power, chemicals, and information technology sectors with the state-run Gujarat Narmada Valley Fertilizers Corporation (GNFC).
GNFC signed the tie-ups with Alfanar Energy for a 40 MW solar plant, with Connect Power for a solar PV module plant and an LED lighting plant, with Connel Chemical for a methylene diphenyl di-isocynate (MDI) plant, with Ecophos Belgium for a dicalcium phosphate plant, and with NEC India Pvt Ltd and DNJ Corporation for IT-enabled services.
This is the first time that a large delegation (comprising 90 delegates) from the richest Gulf country is participating in the Vibrant Summit. The delegates included Dr Saud M Al-Sati, the Saudi Arabia ambassador to India, Kamel Al Munajed, the chairman of Saudi Indian Business Council, Dr Basma Al Buhairan, managing director, Saudi Arabian General Investment authority (SAGIA), Sabah Al Mutlaq, vice-chairman of Alfanar, and a team from SABIC, one of the biggest chemicals and petrochemicals company in the world.
Talking in the seminar, Munajed, “We believe that opening the Indian market further to Saudi banks through Islamic banking will entice our businessman to India.” He said that the relationship of Gujarat with Saudi Arabia was established in the 7th century when traders of Arabia found a global gateway in Gujarat.
Saudi Arabia is looking for investments in sectors such as retail, e-commerce, and financial services.