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Saudi firm eyes new investments in India

business Updated: Jun 17, 2008 12:46 IST
Saudi firm eyes new investments in India

A Saudi Arabian company is keen on expanding its operations in India, considering the availability potential sectors and projects for growth in the country.

"India is the third largest Asian economy and the second fastest growing country in the world behind China and holds immense potential for overseas investment," CEO, Saudi Economic and Development Company (SEDCO), Ahmed S Banaja, said.

Speaking on the sidelines of a farewell reception for the outgoing Indian Consul General Dr Ausaf Sayeed, Banaja said India, with its foreign exchange reserves crossing USD 300 billion as of March 2008, had all the advantages for attracting foreign direct investment.

India's working population is nearly 500 million and in the years to come it is slated to have the youngest working population in the world which will put it in a huge advantageous position, the Arab News quoted him as saying.

Khalid A Gama, Vice President, SEDCO Financial Investments, said that its two joint ventures were in progress with local partners, which will result in the development of a world class IT park in Bangalore and a modern residential housing community in Hyderabad.

These projects will lead to creating about 10,000 jobs for IT professionals and 400 housing units that will cater for 2,000 people.

SEDCO has also invested in the development of an integrated middle-income township development project on a two million square meter site near New Delhi.

He identified infrastructure, real estate, IT, education and tourism as among the potentially promising sectors for overseas investment.