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Abu Dhabi, UAEWednesday 12 December 2018

US investments in Saudi exceed 207 billion riyals

SAGIA says Saudi Vision 2030 has helped boost investments

US investments in Saudi Arabia exceed 207 billion riyals / AFP PHOTO / Fayez Nureldine
US investments in Saudi Arabia exceed 207 billion riyals / AFP PHOTO / Fayez Nureldine

US investments in Saudi Arabia exceeded 207 billion Saudi riyals at the end of 2017 as the country’s economic transformation plan starts to bear fruit, according to the Saudi Arabian General Investment Authority (SAGIA).

Investment in industries accounted for the lion’s share of investment at 193 billion riyals. All in all, by the end of last year, 373 US companies had investments in Saudi Arabian sectors that also include real estate and services.

“The above figures are ample proof that several major reforms to the kingdom’s investment environment in accordance with Saudi Vision 2030 are becoming beneficial,” SAGIA said in a statement.

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In 2017 alone, some 16 American companies entered Saudi Arabia for the first time with investments exceeding 382.2 million riyals, the authority said. Of that, the services sector saw the biggest inflows with 13 licenses awarded and 284.2 million invested, it said.

Saudi Arabia, the world's largest exporter of crude oil, embarked two years ago on an ambitious economic transformation plan - dubbed Saudi Arabia Vision 2030 - to lessen its reliance on revenue from hydrocarbons, as the price of oil started to slump from 2014. The government is also striving to get women to play a greater role in the economy.

Reform efforts include a reduction of subsidies on fuel and electricity and the implementation of a 5 per cent VAT.