Saudi Arabia has attracted $43bn of foreign investment in four years, says official report

In the past four years 493 investments have been made in the Kingdom by 361 foreign firms. Above, cargo containers at Jeddah Islamic Port. (AFP)

• The economic transformation underway in the Kingdom is set to lure in more foreign investment
• Benefits include increased technology uptake, more efficient technical and administrative skills, as well as boosting capital and job opportunities

LONDON: Saudi Arabia attracted $43 billion worth of foreign investment between 2013 and 2017, a study by the Chamber of Commerce and Industry in Riyadh has found.
The 493 investments were made by 361 foreign firms, the study noted, according to the Asharq Al-Awsat newspaper.

 

The economic transformation underway in the Kingdom is set to lure in more foreign investment.
Benefits include increased technology uptake, more efficient technical and administrative skills, as well as boosting capital and job opportunities, according to the study.
It noted that the Saudi Vision 2030 reform plan aims to increase foreign investment to 5.7 percent of the country’s gross domestic product, up from 3.8 percent when the plan was unveiled in 2016.
The National Industrial Development and Logistics Program (NIDLP), the largest initiative launched under Vision 2030, aims to stimulate investments worth more than $453 billion across four key economic sectors — mining, industry, logistics and energy.