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Tue 9 Apr 2013 10:50 AM

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German investments in Saudi Arabia reach $8bn

Saudi Arabian General Investment Authority chief says FDI totalled nearly $19bn last year

German investments in Saudi Arabia reach $8bn
(Getty Images - for illustrative purposes only)

The value of investments in Saudi Arabia from Germany reached $8bn, Arab News reported, citing Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority.

The kingdom, which has the largest economy in the Arab world, attracted $18.8bn in foreign direct investment in 2012, making it the number one recipient of net inflows in the region, according to the United nations Conference on Trade and Development (UNCTAD).

China was the largest among emerging market economies attracting about $205bn in net inflows.

SAGIA will provide investors with a "suitable investment climate" to facilitate foreign investment in the country Othman said, without providing any specific details.

Saudi Arabia set up SAGIA in 2000 as part of its plans to liberalise its economy and market the kingdom to prospective investors.

Most FDI in the kingdom has traditionally made its way into petrochemical related projected, however the government is investing heavily in the expansion of its infrastructure and building up industrial production.

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