Riyadh Emir calls expat businessmen to return
The Emir of Riyadh, Prince Sattam Bin Abdul-Aziz, has called on Saudi businessmen living abroad to return home, according an Al-Hayat report. The Emir urged such investors to transfer their funds back to the kingdom, and establish local investment ventures.
The Emir also stressed the measures recently undertaken to lure investors to Saudi Arabia, including a newly implemented investment regulations and reductions in customs rates.
These calls come amid estimations that some $130 billion in investments are required for the government’s privatization plans to succeed. Net foreign direct investment (FDI) has been negative or low, with the Saudi private and public sectors, making more investments overseas than inside the country.
Within the Saudi kingdom there are over seven million foreign workers who transfer to the countries of origin some 70 billion Saudi riyals ($18.6 billion) a year. The government therefore campaigns for a reduction of dependence upon foreign labor as well as for the return of Saudis to the Kingdom’s workforce. ― (MENA Report)
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