Saudi Arabia’s FDIs Surpass Set Agenda, Says Al-Falih

Saudi Minister of Investment Khalid Al-Falih said that the factors driving growth in Saudi Arabia are much greater than those hindering it, in light of Vision 2030, adding that despite the turbulent geopolitical situation in the region, the Kingdom has successfully overcome various geopolitical tensions globally thanks to the strength of its economy.

The growth of the Kingdom’s gross domestic product since the launch of Vision 2030 reached 70%. The Saudi economy has been the second fastest growing among the G20 economies during that period, despite the shocks in the oil market and geopolitical turmoil, said the Minister in a speech on the first day of the Future Investment Initiative conference held in Riyadh.

Al-Falih also said that the Kingdom targeted $3.3 trillion in direct investment to achieve the growth capital equation, which is growing 8% year after year.

He pointed out that foreign direct investment is ahead of the agenda set by Saudi Arabia, as the Kingdom set $26 billion in foreign direct investment last year.

Al-Falih also stressed that the number of international companies that launched regional headquarters in Saudi Arabia exceeded the target, which was set at 500 companies by 2030, with 540 companies so far setting up their regional offices in the Kingdom.

According to the Minister, venture capital is moving towards innovation, and tourism in Saudi Arabia has grown significantly, with 100 million tourists recorded.

“Our leadership, which runs the economy in the Kingdom, is focused on building prosperity, the future and creating job opportunities. Our companies are profitable and generate returns, and foreign investors are interacting with the Public Investment Fund. The number of licenses issued for international companies reached 10 times what it was before the Vision,” said the Minister.