Saudi conglomerate Ajlan Bros Holding Group is considering a $2 billion investment in a city project in Uzbekistan's capital Tashkent, the conglomerate's chief executive confirmed that the group has signed several memorandums of understanding with Uzbek entities.

The MoUs were signed during a meeting of the Saudi-Uzbekistan Business Council in Jeddah. The first agreement we signed was with the city of Tashkent, the capital of Uzbekistan, to cover multiple opportunities to develop infrastructure, commercial, industrial and retail areas in the city, said Ali Al-Khatib, CEO of Industrial Manufacturing. employees of Ajlan Bros holding group said.

Al-Khatib noted that the Tashkent City project is currently in the planning stage and things will be finalized soon after discussions with partners. The second agreement with the Ministry of Agriculture of Uzbekistan focuses on investments in agriculture and the agricultural sector.

Al-Khatib said that we are also exploring the strategic red meat industry, and our goal is to invest in the industry in Uzbekistan and then bring it back to the market in the kingdom. Investments in the agricultural sector are likely to be between $50 million and $100 million.Editor/XingWentao