No surprise if FDI hits $100 bln annual before 2030, says Al-Falih

Minister of Investment Khalid Al-Falih 

Saudi Arabia's Minister of Investment Khalid Al-Falih said that it wouldn't be surprising if foreign direct investment (FDI) reached $100 billion annual before 2030, noting that FDI exceeded the target in the first half of the year.

Riyadh has a new strategy, Al-Falih told Reuters on the sidelines of the Future Investment Initiative. He added that the Kingdom will inject large investments to build a new airport in the city, as part of a program to make it more attractive.

Elsewhere, Al-Falih added that the Public Investment Fund (PIF) plans to create new economic sectors and jobs. The fund is working on creating a new national airline that will focus on Riyadh as its hub.

Saudi Arabia is in talks with several carmakers about manufacturing in the country, with an announcement expected this year.

Luxury electric car maker Lucid is evaluating the opportunity for manufacturing in Saudi Arabia, Al-Falih concluded.