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Saudi Arabia welcomes US$420 billion foreign investment

Saudi Arabia, Saudi Investment Minister Khalid Al-Falih, Vision 2030, Crown Prince Mohammed bin Salman

Economy

Saudi Arabia welcomes US$420 billion foreign investment

Saudi Arabia’s infrastructure and transportation sectors are seeking to attract around $420 billion in foreign investment over the next decade, said Saudi Investment Minister Khalid Al-Falih on Tuesday. A large number of prospective foreign investors from several countries, including China are showing interest in investing in the mentioned sectors, especially after the Kingdom is seeing tremendous prospect with the implementation of Vision 2030, a brainchild of Crown Prince Mohammed bin Salman.

As part of Vision 2030, foreign investments in the Kingdom are projected to reach $3 trillion. But some economic experts say, the amount of investment may exceed significantly.

Al-Falih made the remarks US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-Awsat reported.

At the two-day event, which was organized by the US Chamber of Commerce in Washington, Al-Falih exhorted US businesses to invest in Saudi Arabia as the Kingdom a variety of opportunities across different sectors that are attractive.

“Saudi Arabia is opening up multiple new industries as an integral part of the Vision 2030 transformation, including clean energy, mining, mobility and logistics, tourism and quality of life, ICT, healthcare and life sciences & biotech,” he said.

The investment minister praised the role played by the G20 countries under the leadership of Saudi Arabia in mitigating the impact of the coronavirus pandemic on the global economy.

“Swift actions taken by the Kingdom, the US, and others in the G20 have contributed to an enabling global economic and investment environment,” Al-Falih stressed.

He also highlighted the resilience of the Saudi economy in the face of challenges posed by the pandemic, Al-Falih said that authorities in the Kingdom have taken effective measures that increased foreign investments by 40 percent.

The Saudi minister also pointed out that the Kingdom is looking to establish and develop partnerships with green energy companies in the US.

Saudi Arabia is seeing series of reforms in various sectors for the past few years. Experts on Saudi affairs said, King Salman and Crown Prince Mohammed bin Salman are working tirelessly in significantly improving the infrastructures of the country alongside investor-friendly policies. They said, by 2030, Saudi Arabia will emerge as the main hub of foreign investment and economic activities in the Middle East.

Contents published under this byline are those created by the news team of WeeklyBlitz

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