Saudi Arabia has attracted $43bn of foreign investment in four years, says official report

In the past four years 493 investments have been made in the Kingdom by 361 foreign firms. Above, cargo containers at Jeddah Islamic Port. (AFP)
Updated 09 February 2019
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Saudi Arabia has attracted $43bn of foreign investment in four years, says official report

  • The economic transformation underway in the Kingdom is set to lure in more foreign investment
  • Benefits include increased technology uptake, more efficient technical and administrative skills, as well as boosting capital and job opportunities

LONDON: Saudi Arabia attracted $43 billion worth of foreign investment between 2013 and 2017, a study by the Chamber of Commerce and Industry in Riyadh has found.
The 493 investments were made by 361 foreign firms, the study noted, according to the Asharq Al-Awsat newspaper.

 

The economic transformation underway in the Kingdom is set to lure in more foreign investment.
Benefits include increased technology uptake, more efficient technical and administrative skills, as well as boosting capital and job opportunities, according to the study.
It noted that the Saudi Vision 2030 reform plan aims to increase foreign investment to 5.7 percent of the country’s gross domestic product, up from 3.8 percent when the plan was unveiled in 2016.
The National Industrial Development and Logistics Program (NIDLP), the largest initiative launched under Vision 2030, aims to stimulate investments worth more than $453 billion across four key economic sectors — mining, industry, logistics and energy.

FASTFACTS

The Saudi Vision 2030 reform plan aims to increase foreign investment to 5.7 percent of the country’s GDP.


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.