By Staff Writer
FDI to kingdom rose to $3.50bn in first nine months of 2019
Foreign direct investment to Saudi Arabia rose 10% from $3.18 billion in the first nine months of 2018 to $3.50bn in the first nine months of 2019, according to figures from the Saudi Arabian Monetary Authority released by Invest Saudi.
The increase is the biggest the kingdom has seen over the past 10 years, with 1,130 foreign companies having been set up in the country in 2019, marking a 54% rise, said Invest Saudi, the state body promoting foreign investments.
The kingdom is looking to boost FDI in a bid to diversify its economy away from oil in line with its Vision 2030 plan.
Last year, the Saudi Arabian General Investment Authority (SAGIA) unveiled a set of seven investment principles to help develop a competitive investment environment in the kingdom.
The principles include ensuring equality between Saudi and foreign investors, ensuring the protection of investment within the kingdom’s laws, enabling sustainability and transparency when addressing investor complaints and providing equal investment incentives and non-discriminative criteria for eligibility.
Other principles state that the kingdom will implement appropriate social and environmental regulations, facilitate access procedures for foreign workers and their families and ensure the transfer of knowledge.
In 2018, Saudi Arabia saw foreign direct investment (FDI) rise by 127 percent year-on-year, according to SAGIA.