With global economies and capital markets still reeling under the credit crunch gauntlet, the Kingdom of Saudi Arabia (KSA), projected a more optimistic outlook with foreign direct investment expected to grow by over 20 percent year on year.
“We expect FDI to witness additional growth in 2010 in the range of 20 percent year on year as compared to 2009 mainly due to the continuing global recession where international capital is looking for alternative markets to achieve the high returns they had grown accustomed to,” said Tarek Kabrit., Principal at Siraj Capital.
Being the largest recipient of Foreign Direct Investment in the Arab world (source: Saudi Arabian General Investment Authority - SAGIA), the Kingdom of Saudi Arabia is transforming itself into one of the world’s top 10 most competitive economies. In just four years, KSA has risen from 67th to 13th position in the World Bank’s ‘Ease Of Doing Business’ Index and currently holds the number one position in the Middle East.
The Outlook Saudi Arabia Summit, being held for the first time this year in strategic partnership with the SAGIA, is set to address investment and private equity opportunities in the Kingdom. The region’s most respected investment managers and CEOs will address the summit, which runs from April 10th to the 12th 2010 at the Al-Faisaliah Hotel in Riyadh.
“Over the next five years we expect GDP growth to range between 2.9 percent and 5.9 percent averaging at 4.5 percent annually,” said Yahya Jalil, Director of Private Equity at The National Investor (TNI). “This growth is driven by liquidity from oil revenues and a growing consumer population.”
The three-day summit comprises an ‘Investment Summit’ on the first day with keynotes by Brad Bourland, Chief Economist & Managing Director, Proprietary Investment, Jadwa Investment, KSA, Dr. Khan Zahid, Chief Economist, Riyad Capital, KSA and Dr. Khalid Al-Tawil, Private Equity Advisor and Advisor to H.R.H. Assistant Minister for Security Affairs, Ministry of Interior, KSA among many others.
The second and third days will see Dr. Ahmed Heikal, Founder and Chairman of Citadel Capital, among other experts discuss their experiences and opinions at the ‘Private Equity and Venture Capital Forum.’