Saudi-India ties on upswing

Saudi-Indian political and business ties are expected to reach new heights with the three-day state visit of Crown Prince Salman, deputy premier and minister of defense, analysts said, adding that the royal visit would pave the way for greater cooperation between the two Asian economic giants, especially in energy, IT and industry.
“The Indian business community is excited over the crown prince’s visit and they believe it will bring a lot of opportunities for both sides,” said Abdul Rahman Al-Rabeeah, president of the Saudi-Indian Business Council.
Speaking to Arab News by telephone from New Delhi, Al-Rabeeah said a large number of Saudi businessmen have arrived in New Delhi for talks with their Indian counterparts. “We are exploring opportunities in all business sectors, especially in energy, IT and industry. We are also looking for Indian expertise to develop small and medium enterprises,” he added.
Al-Rabeeah, a prominent Saudi businessman, highlighted the significance of Prince Salman’s visit. “This is a very valuable visit for both countries. The crown prince’s delegation includes senior Cabinet members and business leaders. This is a golden chance for Indian businesses to make use of the huge investment opportunities in Saudi Arabia,” he said.
Al-Rabeeah said many leading Indian companies are interested in investing in the Kingdom and establish joint ventures. Saudi Arabia is offering investment opportunities worth $1 trillion to foreign companies, especially in the key sectors of oil and gas, petrochemicals, railways, telecom, electricity and desalination.
Siddeek Ahmed, CMD of the Alkhobar-based Eram Group underscored the importance of Prince Salman’s visit, saying it would strengthen the longstanding historic and friendly relations between the two countries.
“Saudi Aramco and SABIC have plans to invest more in India and this will invigorate the country’s investment climate,” Ahmed told Arab News. Indian companies specialized in oil and gas and construction have a lot of opportunities in Saudi Arabia, he pointed out.
Indian officials and business circles, meanwhile, disclosed New Delhi’s plan to import more oil and gas from Saudi Arabia, which currently supplies about one-fifth of India’s energy requirements. India imports 700,000 barrels of crude from the Kingdom daily, they said, adding that Indian refineries prefer the high-quality Saudi crude.
Cooperation in oil and gas and petrochemicals will figure high on the agenda of Saudi-Indian talks in New Delhi, the officials said. “A number of Indian oil companies have expressed their desire to increase their imports from Saudi Arabia,” one official said.
Eram chief Ahmed said the new gas discoveries in the Red Sea, near the Saudi city of Tabuk, will help the Kingdom export more high-quality gas to India. He said the arrival of more Indian companies to the Kingdom would create job opportunities for both Saudis and Indians. He expected the royal visit would lead to greater Indian participation in Saudi Arabia’s railway expansion projects.