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$800bn to be invested in Saudi Arabia

15 Sep 2008

An estimated $800 billion is to go to Saudi Arabia in the form of foreign direct investment (FDI) during the next decade, one government official has claimed.

The Saudi Arabian General Investment Authority (Sagia) said the country is looking to strengthen its real estate, energy, power and financial services.

With investments currently at $24 billion, 12 times as much as five years ago, the figure is expected to increase to $1 trillion by 2018.

Dr Awwad Al Awwad, deputy governor for Sagia's investment affairs and president of the National Competitiveness Centre, told Zawaya: "We are expecting investments worth $800 billion to $900 billion. This is not just expectation, we have already identified these investment opportunities."

He added that the country is improving its investment environment to attract more speculation from overseas in a bid to help local firms expand.

Meanwhile, figures from the World Bank revealed that Saudi Arabia is among the top 20 most business-friendly countries in the world in its Ease of Doing Business report.
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