More FDI expected in Saudi Arabia
The Saudi Arabian General Investment Authority (SAGIA) expects the cumulative value of Foreign Direct Investment (FDI) in the Kingdom to reach $1 trillion by 2020, according to new reports.
SAGIA data shows a 30-fold increase in investments in the Kingdom over last year; around SR200 billion. The International Finance Corporation, the private sector arm of the World Bank, ranks Saudi Arabia as providing the best investment climate in the Arab World in its ‘Doing Business in 2006’ report.
SAGIA has also announced the establishing of an Investment Competition Center in Riyadh to support its goal to make the Kingdom among the top ten targets for investment by 2010. The center would be based in Riyadh.