RIADH, May 6: Saudi Arabia is seeking US investment worth SR2.3 trillion ($613 billion) in various projects as its 50-member trade delegation is beginning a visit to the United States following a thaw in relations in the aftermath of a meeting between Crown Prince Abdullah and President Bush late April.

The Saudi trade delegation, first after the 9/11 events, would visit five US states and introduce the projects in petrochemicals, natural gas, electricity generation, water desalination, telecommunications and other vital sectors. During its 10-day visit, the delegation would also hold road-shows in New York, Atlanta, Houston and Chicago showcasing the Saudi economic potential and offering possibilities for investments in the kingdom.

“The delegation will offer investment projects worth SR2.3 trillion to American businessmen,” leader of the Saudi delegation Khaled ibn Musaed Al-Saif told the local daily Arab News. The figure represents the kingdom’s investment requirements until the year 2020. The Saudi government plans to privatize state-run corporations and institutions with a total value of SR3 trillion ($800 billion) within the next 10 years.

Infrastructure projects offer the largest investment opportunity with an investment requirement of $140 billion. The petrochemicals sector comes second with $92 billion projects followed by electricity and water $88.9 billion, telecommunications $60 billion, tourism $53.3 billion, natural gas $50 billion, agriculture $28.3 billion and information technology $10.7 billion.

During his recent visit to the US, Crown Prince Abdullah invited American businessmen to invest in Saudi Arabia, especially in its gas and mining sectors. “Economic reforms in the kingdom have created a new investment-friendly environment that welcomes investors,” the prince told a reception held in his honour by the Saudi-American Business Council (SABC).