Saudi crown prince
Mohammed bin Salman, Saudi Arabia's crown prince, arrives to meet Theresa May, U.K. prime minister, at number 10 Downing Street in London, U.K., on Wednesday, March 7, 2018. Memorandums of Understanding for 14 trade deals are due to be signed during the visit of the prince, but British officials don't expect a decision on who will host the initial public offering of state oil company Aramco. Photographer: Luke MacGregor/Bloomberg

Saudi Arabia is seeking 1.6 trillion riyals ($425 billion) in investment by 2030 for infrastructure as well as energy, mining and other industrial projects, as part of an effort to cut its reliance on oil, Energy Minister Khalid Al-Falih said Saturday in Riyadh.

Crown Prince Mohammed bin Salman, who is behind reforms known as Vision 2030, will present details of the Saudi infrastructure plan on Monday. The kingdom could sign about 70 deals worth more than 200 billion riyals at the same time.

saudi infrastructure
High rise towers and commercial buildings stand between residential compounds in Dhahran, Saudi Arabia, on Wednesday, Oct. 3. 2018. Saudi Arabia’s Crown Prince Mohammed bin Salman has vowed to overhaul the economy of the world’s biggest oil exporter in little over a decade. Photographer: Simon Dawson/Bloomberg

Saudi Arabia is among nations in the Middle East working to diversify government income away from oil sales and build new industries. The kingdom will focus on chemicals, power and natural gas businesses in its industry plan, Al-Falih said.

The kingdom plans to restructure its power industry by separating its generation business from transmission and distribution. As part of the plan, the country will create a separate power purchasing agency, he said.

Nabil Al-Amoudi, the Saudi minister of transportation, said a new airport for Riyadh, the capital, also is under consideration. The kingdom also plans to refurbish and expand five airports, and build 2,000 kilometers (1,200 miles) of railways, he said.

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