Saudi Arabia’s FDIs outstrip target, says Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Arabia’s Minister of Investment Khalid Al-Falih said growth drivers in Saudi Arabia top hurdles, in light of Saudi Vision 2030, adding that the Kingdom managed to overcome various geopolitical tensions globally thanks to its economic strength.

The growth of the Saudi gross domestic product since the launch of Vision 2030 reached 70%. During the same period, the local economy ranked the second fastest growing among the G20 nations, despite the oil market shocks and geopolitical turmoil, said the minister in a speech on the first day of the Future Investment Initiative Summit held in Riyadh.

Al-Falih also said the Kingdom targeted $3.3 trillion in direct investments to achieve its growth capital equation, which is advancing 8% year after year.

He pointed out that foreign direct investments (FDIs) topped the agenda set by Saudi Arabia, amounting to $26 billion last year.

Al-Falih also stressed that the number of international companies that launched regional headquarters in Saudi Arabia exceeded the target of having 500 companies by 2030, with 540 so far setting up their regional offices in the Kingdom.

According to the minister, venture capital is moving towards innovation. Further, tourism in Saudi Arabia has grown significantly amid 100 million tourists.

“Our leadership, administering the national economy, is focused on building prosperity, the future and creating job opportunities. Our companies are profitable and income-generating, with foreign investors in touch with the Public Investment Fund (PIF). The number of licenses issued for international corporates is 10x higher than pre-Vision 2030,” Al-Falih explained.