A 60% jump in foreign investment without the Aramco pipeline deal

The Saudi Minister of Investment, Khalid Al-Falih, revealed a big jump of 60% in foreign direct investment in the Kingdom this year, even without calculating the huge Aramco oil pipeline deal.

Al-Falih said today, Wednesday, on the sidelines of the Future Investment Initiative conference, with a high-level international presence, that “foreign direct investment is wonderful this year, and we have witnessed a great leap.”

Aramco agreed earlier this year to sell a 49% stake in its pipelines in a deal worth $12.4 billion.

In terms of the radical transformation in attracting foreign investments, Saudi Arabia announced today, Wednesday, the granting of licenses to 44 international companies to establish regional headquarters in the capital, Riyadh, as part of the Kingdom’s efforts to become a regional commercial center and compete to attract foreign capital and skills.

A press release said that these companies include multinational companies in sectors including technology, food and beverage, consulting and construction, including Unilever, Baker Hughes and Siemens.

Saudi Arabia, the world’s largest oil exporter, said in February it would give foreign companies a chance until the end of 2023 to set up headquarters or risk losing government contracts as they compete to attract foreign capital and skills.