Interest of foreign investors booms in Saudi Arabia
02/08/22
Saudi Arabia’s Ministry of Investment (MISA) facilitated over 100 investment contracts valued at SAR 15 billion (USD 4 billion) in the first quarter of 2022.
The investments will create over 5,800 new jobs across all sectors of the Saudi Arabian economy as the country’s National Investment Strategy and policies for diversification from hydrocarbons continue to present new opportunities and possibilities for national, regional and international investors.
The most recent data shows that foreign direct investment (FDI) into Saudi Arabia in 2021 reached SAR 72.4 billion (USD 19.3 billion), the highest in ten years. The figures were published in MISA’s Investment Highlights report which includes in-depth analysis of key investment data in Saudi Arabia.
In addition, the report incorporates detailed information on Saudi Arabia’s real estate sector and exclusive interviews with leaders and investors from the private sector. Other reported investments have been made in sectors including entrepreneurship, advanced manufacturing, defense, information and communication technology and petrochemicals.
Similarly, at a recent event, the Federation of Saudi Chambers national contracting committee announced that the value of contracting projects over the past five years reached SAR 20 trillion (USD 5.3 trillion). The sector boasts a total of 165 thousand companies, while the total number of workers entering the industry surged to 3 million. Many jobs have been localized with plans to localize even more. The event also witnessed the signing of an agreement between the Federation of Saudi Chambers and Saudi Contractors Authority that outlines the expansion of co-operation between the parties.
Emphasizing Saudi Arabia’s positive economic momentum, the IMF recently projected that its economy would enjoy the second-fastest growth of the G20 countries this year. Likewise, Fitch Ratings recently revised Saudi Arabia’s long term foreign currency issuer default rating to positive on the back of a consolidated budget surplus, restrained spending and steady market conditions.
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