An estimate suggests that Saudi Arabia may be able to attract $24 billion in foreign direct investments this year thanks to a number of recent reforms and an updated investment law.
According to Standard Chartered’s most recent study, increasing FDI inflow as well as investments in the private sector and public capital expenditure will be the main drivers of the Kingdom’s future economic growth.
In keeping with its efforts to diversify its economy, Saudi Arabia hopes to bring in $100 billion in foreign direct investment by the end of this decade.
To increase FDI into the country, the Kingdom adopted an amended investment law earlier this month. The Ministry of Investment claimed at the time that the measure would facilitate investment in the Kingdom and increase openness.
Along with providing strong protections for intellectual property and enabling easy financial transfers, the amended law also offers improved investor protections, such as respect for the law, equitable treatment, and property rights.
According to Standard Chartered, “We think Saudi Arabia’s inward $24 billion FDI target in 2024 is likely to be attained, although this is somewhat away from its $100 billion 2030 FDI target.”
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