Railways in Saudi Arabia will be extended by 8,000 kilometers across the country, according to the Kingdom’s Investment Minister.

Saudi Arabia’s Minister of Investment, Khalid Al-Falih, confirmed that the kingdom will build an 8,000-kilometer network of railways across the country, and that the Ministry is also preparing a new investment law.

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During the ‘Future Investments Forum’ mining conference in Riyadh, Al-Falih stated that the new railway network would extend across the country and connect to the existing network.

He went on to say that his ministry is working on drafting a new investment law to meet the needs of both domestic and international investors.

The Investment Minister stated that the law will be approved this year and will be added to the Kingdom’s other regulatory and judicial reforms.

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Earlier this year, the Kingdom announced that it had granted licenses to 44 international companies to establish regional headquarters in the Kingdom of Saudi Arabia’s capital city, Riyadh.

The Kingdom also announced that foreign companies would be given until the end of 2023 to establish headquarters in the Kingdom or face losing contracts from the Kingdom government.

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However, five years after Crown Prince Mohammed bin Salman launched Saudi Vision 2030 to reduce the kingdom’s reliance on oil, (FDI)foreign direct investment remains well short of targets.