Uzbekistan and Saudi Arabia approved 20 projects

Riyadh Cable Group, located in Saudi Arabia and one of the leading cable product manufacturers in the Middle East, has reached an agreement to build a new industrial facility in Tashkent. The total value of the project is 122 million dollars and is focused on the production of high voltage cables.

This information was confirmed by the press service of the Ministry of Investments, Industry and Trade (MIIT) of the Republic of Uzbekistan following the Saudi Arabia working visit held on October 27-28. The delegation during the visit was led by the Deputy Prime Minister Jamshid Khojaev.

During the meetings, a corresponding agreement was signed between MIIT and the Saudi company, strengthening their intention to jointly implement the project. The new plant, planned for construction in Tashkent, will have a production capacity of 24,000 tons of products per year.

This large-scale project will not only strengthen the country's industrial potential but also create new jobs for 340 qualified specialists. Pre-agreement negotiations were held at a high level.

MIIT Deputy Head Shohruh G‘ulomov also held separate meetings with Khalid Al-Falih, the Minister of Investment of Saudi Arabia, and the management of several major Saudi corporations. During the meetings, strategic topics of bilateral cooperation such as industry, energy, infrastructure development, healthcare, and organizing labor migration were discussed.

As a result of the visit, the parties approved a comprehensive action plan. This document includes more than 20 joint initiatives planned for implementation in the near future.

The projects cover key areas important for Uzbekistan’s economy, such as energy, modernization of water supply systems, agriculture, infrastructure, and information technology development. Investor interest in the cable industry in Uzbekistan is increasing.

Last week, Turkey's KYM Kablo company presented a cable plant construction project in Kuvasoy, Fergana region. In the first stage, the Turkish partners intend to invest 5 million dollars in a low voltage cable production line, and later plan to expand production to medium voltage products.

The entry of Riyadh Cable Group into Uzbekistan is part of a broader trend of attracting foreign investment into high-tech industrial sectors. This will help localize production and meet domestic demand for quality electrical engineering products.

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