RIYADH: According to a minister, Saudi Arabia is eager to attract more FDI from Asia and Europe as it continues its economic diversification.
Saudi Arabia aims to attract $100 billion in foreign direct investment (FDI) by 2030, according to Assistant Minister of Investment Ibrahim Al-Mubarak, who spoke with CNBC.
Saudi Arabia approved an updated investment law earlier in August to increase foreign funding inflows into the Kingdom.
The Kingdom’s National Investment Strategy lists the energy, building, and communication industries as well as finance and transportation as important funding targets.
Saudi Arabia’s biggest trading partner is China. However, more from China’s side of FDI is still to come. Al-Mubarak stated, “The US is likewise positioned well as a major investor in Saudi Arabia.
Last year, FDI totalled SR20 billion ($5.33 billion), a 150 percent increase over 2016. According to several studies, 60% of our foreign direct investment (FDI) comes from current investors. The reason we are reviewing the new investment law and expanding the opportunities for all investors—domestic and foreign—is, in my opinion, also extremely significant. The minister stated as much.
The revised regulations also promise improved investor protections, such as respect for the law, equitable treatment, and property rights, along with strong protections for intellectual property and easy fund transfers.
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