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Saudi Arabia Looks to Invest Billions in India Via New GIFT City Office

  • Saudi Arabia could open an office of its sovereign wealth fund in India's GIFT City financial services centre.

  • GIFT City aims to rival financial hubs like Dubai and Hong Kong. India invited Saudi to set up an office there.

  • During the Saudi Crown Prince's visit, India and Saudi signed 50 initial agreements and set up a task force for $100 billion in Saudi investment in India.

  • Projects include a planned $50 billion refinery project in Maharashtra, though land acquisition issues remain.

  • Saudi is looking to invest in sectors like oil, gas, petrochemicals, new energy, technology, manufacturing, and defense in India.

reuters.com
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