The government of Saudi Arabia has identified investment opportunities worth $140 billion according to Prince Saud Al Faisal, Deputy Governor of the Saudi Arabian General Investment Authority (SAGIA).
Saudi Arabia is the third fastest growing economy in the G20, with five per cent average annual growth over the past decade and the International Monetary Fund (IMF) projecting strong.
Saudi Arabia is developing a database to help investors make informed decisions to maximize their investment returns, as well as an app listing all investment opportunities in Saudi Arabia, in coordination with other Saudi ministries, Prince Al Faisal said.
As part of Saudi Arabia’s regulatory reforms, new “fast-track” procedures will guarantee that investors will have their investment licenses processed within three days, he added.
Meanwhile, UAE-Saudi Arabia bilateral trade is estimated at $19 billion in 2014, accounted to 50 per cent of the overall all trade with other Gulf Cooperation Council (GCC) countries, Prince Al Faisal said.
Saudi Arabia’s investments in the UAE reached $10 billion, through 2,360 Saudi firms, while UAE investments in Saudi estimated at $9 billion mostly in industrial and service sectors, he added.
The total value of FDI flows to Saudi Arabia stood at $208 billion in 2014.
He expected further investment opportunities within the two countries in line with the preparations for the giant Expo 2020 event.
Gulf News
31 March
