Foreign direct investment to Saudi Arabia rose to $3.50bn in the first nine months of 2019. After being $3.18bn a year ago. This’s according to Invest Saudi on Sunday, citing figures from the Saudi Arabian Monetary Authority.
A total of 1,130 of foreign companies were created in 2019, a 54% increase from a year ago, said Invest Saudi.
Invest Saudi is a state body in charge of promoting foreign investments.
Invest Saudi also added that this was the biggest rise in 10 years.
The government made attracting greater foreign investment a cornerstone of its Vision 2030 plan. So, it can diversify the economy of the world’s top oil exporter away from a reliance on crude revenues.
Saudi Arabia had a record year for foreign investment