Riyadh – Mubasher: Saudi Arabia is reportedly considering a mega investment encompassing in various leading economic spheres by 2030.

The kingdom is looking to invest up to $425 billion (SAR 113.31 billion) in infrastructure, energy, mining, and several other industrial projects as part of its Vision 2030 drive, Bloomberg reported, citing Saudi energy minister Khalid Al-Falih as saying on Saturday.

Saudi Crown Prince Mohammed bin Salman will present the details of the infrastructure scheme on Monday.

“The kingdom could sign about 70 deals worth more than $54 billion at the same time,” according to the news agency.

The move comes as part of Saudi Arabia’s ongoing quest to diversify its economy away from oil, especially since oil prices plunged by over 60% in mid-2014. While they have been volatile since and made headway towards $80 per barrel, the kingdom has continued to pursue an economic plan that does not rely on oil, as was the case for it and its GCC neighbours.

As part of the Vision 2030 drive, Saudi will focus on industries including chemicals, power, and natural gas in its industry plan, the Saudi energy minister highlighted, adding that the kingdom was also planning to restructure is power industry by separating its generation business from transmission and distribution.

As part of the scheme, Saudi Arabia will establish a separate power purchasing agency, Al-Falih revealed.

Meanwhile, Saudi transportation minister Nabil Al-Amoudi said that the kingdom was considering a new airport for its capital city, Riyadh, added to refurbishing and expanding five airports, and build 2,000 km of railway.