According to a minister, Saudi Arabia is eager to draw in more FDI from Asia and Europe as it continues its process of economic diversification.
Saudi Arabia is aiming for $100 billion in foreign direct investment (FDI) by 2030, according to Assistant Minister of Investment Ibrahim Al-Mubarak, who was speaking with CNBC.
An new investment law was adopted by Saudi Arabia earlier in August with the goal of increasing international financial inflows into the Kingdom.
The Kingdom’s National Investment Strategy lists the energy, building, and communication industries as well as banking and transportation as important financing targets.
China is Saudi Arabia’s biggest trading partner. However, much from China’s side of FDI is still to come. Al-Mubarak stated, “The US is likewise positioned well as a major investor in Saudi Arabia.”
“We are looking at expanding that,” he continued. We are taking advantage of the increased interest from European and Asian nations in order to meet the goals.
Al-Mubarak went on to say that more foreign direct investment (FDI) is anticipated in the Kingdom as a result of the new investment law in Saudi Arabia.
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