Indian construction and real estate companies are currently in Saudi Arabia to explore Neom-related contracts. A spokesperson for India’s Trade Promotion Council of India (TPCI) said that high-profile Indian construction, real estate, and entertainment firms are in Riyadh for the two-day trip.
Officials from Larsen & Toubro’s (L&T) India office are part of the delegation, which is aimed at collaborating with Saudi Arabia on megaprojects such as Neom, Red Sea Tourism, and Qiddiya. Also in attendance are officials from Shapoorji Pallonji, NMS Housing, and Carnival Group, a multiplex cinema chain that operates in India, Singapore, the UAE, and Bahrain. This July, Carnival Group acquired stake in Novo Cinemas, a popular cinema chain in the Emirates.
In addition to Neom, Qiddiya, and the Red Sea project, the Indian companies are also expected to seek work as partners on railway and aviation projects in Makkah, Madinah, and Jeddah.
India’s delegation in Saudi Arabia is led by Manoj Bharti, Additional Secretary, India’s Ministry of External Affairs.
Saudi Arabia General Investment Authority (Sagia) is said to have issued more than 400 licenses to Indian firms recently, with the Asian country’s investments in the kingdom totalling 1.5 billion USD. In turn, Saudi – which is home to 3.2 million non-resident Indians (NRIs) – has invested up to 16 billion USD in India, according to a statement by India’s Ministry of Commerce and Industry. NRIs in Saudi Arabia send home remittances worth 10 billion USD each year.
Backed by Prime Minister Narendra Modi, Indian companies are working to expand their networks in the global business community. Both L&T and Shapoorji Pallonji have a strong track record in the Middle East, with their regional portfolio including projects across the hydrocarbon, power generation, and civil engineering sectors.
L&T Saudi Arabia, L&T Oman, and Shapoorji Pallonji Mideast – the regional arm of the Mumbai-headquartered business – are all shortlisted for the upcoming Construction Week Awards 2018 in Dubai.