Foreign direct investment to Saudi up at $3.50 bln in Jan-Sept 2019

A total of 1,130 of foreign companies were created in 2019, a 54 percent increase from a year ago. (Shutterstock)

Foreign direct investment to Saudi Arabia rose to $3.50 billion in the first nine months of 2019 from $3.18 billion a year ago, Invest Saudi said on Sunday, citing figures from the Saudi Arabian Monetary Authority.

A total of 1,130 of foreign companies were created in 2019, a 54 percent increase from a year ago, said Invest Saudi, a state body in charge of promoting foreign investments, adding that this was the biggest rise in 10 years.

The government has made attracting greater foreign investment a cornerstone of its Vision 2030 plan to diversify the economy of the world’s top oil exporter away from a reliance on crude revenues.

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Last Update: Wednesday, 20 May 2020 KSA 10:05 - GMT 07:05
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