Saudi Arabia saw a surge in total foreign investment into the Kingdom despite a global economic slowdown in 2020, official data from the Saudi central bank confirmed.
Foreign investment in Saudi Arabia passed the SR2 trillion ($0.53 trillion) mark for the first time at the end of 2020, despite the financial impact of the COVID-19 pandemic. The Kingdom generated $46.21 billion in new investment from overseas.
The total value of investments from overseas rose 9 percent year-on-year, or SR173.3 billion ($46.21 billion), in 2020, from SR1.833 trillion ($490 billion) at the end of 2019, according to data from the Saudi Central Bank (SAMA) and reported by Arab News.
“Certainly, foreign capital is looking for opportunities in emerging markets . . . especially the Saudi market, which provides investment opportunities, safety and rewarding returns, in addition to important partnerships in major global pioneering projects,” Fadhel Al-Buainain, a member of the Shoura Council and a member of the board of directors of the Saudi Financial Association, told Arab News.
Generating ever-increasing foreign investment inflows into Saudi Arabia has been a top goal of the Kingdom’s Vision 2030 economic and social reform plan, which is driving significant changes for Saudi Arabia.
The Vision 2030 plan, which is celebrating its 5th year on Tuesday since it was announced by then-Deputy Crown Prince Mohammed bin Salman.
According to the spokesperson for the Royal Embassy in Saudi Arabia, Fahad Nazer, Crown Prince Mohammed bin Salman will be the special guest on the Al Liwan talkshow on Rotana Khalejia Tuesday night. The Crown Prince is expected to discuss some of the progress on his reforms on the program. He will also appear on state television on Tuesday night to note the anniversary of Vision 2030 on state television channels, which will be broadcast on other networks across Saudi Arabia.
According to reports in Arab News and elsewhere, the Ministry of Investment of Saudi Arabia (MISA) issued 466 foreign investor licenses in the fourth quarter of 2020, the highest number of licenses recorded in a quarter since 2005. This represented a 52 percent rise compared to the previous quarter and a 60 percent increase over the same period in 2019.
