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Saudi Arabia signs $20 billion in total new investment deals at FII global forum

Published: Updated:

Saudi Arabia has signed and exchanged 24 investment agreements as the third annual Future Investment Initiative conference concluded in Riyadh on Thursday, the Kingdom’s General Investment Authority (SAGIA) has announced.

“Totaling more than $20 billion in value, these agreements were exchanged by signatories under Invest Saudi, and reflect the enormous potential that Saudi Arabia offers to investors from across the Kingdom and around the world,” said in a statement.

During the first day of the conference, $15 billion in agreements were exchanged. The final day of FII 2019 saw the closing of a $5 billion investment agreement between Alakaria and Triple 5 to develop the Arabian Dream project, a world-class international tourist destination that is expected to attract up to 70 million visitors annually, and employ over 25,000 Saudi nationals.

The Kingdom also agreed to invest in Brazil, while signing multiple agreements with India in areas ranging from energy to infrastructure.

Highlights of the conference included US Energy Secretary Rick Perry going ‘off-script’, Nigerian President Muhammadu Buhari declaring Africa ‘open for business,’ the announcement of the rollout of cinemas across Saudi Arabia, and the head of Saudi Arabia’s Public Investment Fund (PIF) Yassir al-Rumayyan discussing Saudi Aramco’s initial public offering (IPO).

Al Arabiya also learned the schedule for the Aramco IPO - to be listed on the Tadawul on December 11 - from sources at the event.