UPDATE 1-New Saudi Investment Strategy Targets $ 100 Billion In Annual FDI Flows
CAIRO, Oct. 11 (Reuters) – Saudi Crown Prince Mohammed bin Salman on Monday gave details of a new investment strategy that aims to increase net foreign direct investment to 388 billion riyals ($ 103.45 billion ) per year, reported the state news agency (SPA).
The new strategy also aims to increase local investments to 1.7 trillion riyals per year by 2030, SPA said.
The crown prince said in March that the kingdom is planning investments worth 12 trillion riyals by 2030 as part of a 27 trillion riyal spending campaign aimed at diversifying the economy of the most major world exporter of oil.
This figure included 5,000 billion rials from the local private sector, 3 trillion rials from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and 4 trillion rials as part of a new investment strategy. Saudi Arabian Republic, of which around 2,000 billion would be foreign investments.
“The national investment strategy aims to empower investors, provide investment opportunities, provide financing solutions and improve competitiveness,” SPA said on Monday.
Saudi Arabia’s push on domestic investment comes as foreign direct investment in the country has fallen behind https://www.reuters.com/article/saudi-investment-int-idUSKCN26D25X in recent years.
Net foreign direct investment in Saudi Arabia totaled $ 5.5 billion last year at the height of the pandemic. (Reporting by Alaa Swilam and Enas Alashray; Editing by Andrew Heavens)