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.


Turkey set to begin oil and gas drilling off Cyprus

Updated 21 February 2019
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Turkey set to begin oil and gas drilling off Cyprus

  • “In the coming days we will start drilling with two ships around Cyprus,” Turkish foreign minister said
  • Turkey and the Cypriot government have overlapping claims of jurisdiction in the eastern Mediterranean

ISTANBUL: Turkey will begin drilling for oil and gas near Cyprus in coming days, state-owned news agency Anadolu reported Foreign Minister Mevlut Cavusoglu saying on Thursday, a move that could stoke tensions with neighboring Cyprus and Greece.
Turkey and the internationally recognized Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean, a region thought to be rich in natural gas.
“In the coming days we will start drilling with two ships around Cyprus,” Cavusoglu was quoted as saying in a speech to a business conference in western Turkey’s Aydin province.
“Let those who come to the region from far away, and their companies, see that nothing can be done in that region without us. Nothing at all can be done in the Mediterranean without Turkey, we will not allow that,” Cavusoglu said.
Turkey launched its first drillship “Fatih” in October to drill off the coast of Turkey’s southern Antalya province. It said a second ship that it purchased would operate in the Black Sea, but was diverted to the Cyprus area.
Breakaway north Cyprus, which is supported by Turkey, says any offshore wealth also belongs to them, as partners in the establishment of the Republic of Cyprus in 1960.
The island was divided in 1974 after a Turkish invasion triggered by a brief Greek-inspired coup. Countless peacemaking endeavours have failed, and offshore wealth has increasingly complicated peace negotiations, with Greek Cypriots saying the matter is not up for discussion.