of Funding Khalid al-Falih stated on Saturday overseas direct funding (
FDI) elevated by 12%
2020 in contrast with the identical interval final yr.
The Saudi authorities, which is internet hosting this yr’s G20 summit, has made attracting larger overseas funding a cornerstone
of its Imaginative and prescient 2030 plan to diversify the
of the world’s largest oil exporter away from oil revenues.
“I am glad to say that
FDI, my space
half has been reported to extend by 12% in comparison with final yr,” Falih, who beforehand chaired state oil firm Saudi Aramco, advised a G20 convention.
in September the dominion had skilled a slowdown
FDI this yr as a result of international disruption attributable to the COVID-19 pandemic.
“After I talked about the 12% enhance I wished to guarantee people who there was no decline, our
FDI goal is far larger,” Falih stated on Saturday.
of efforts to draw overseas buyers, Saudi Arabia will launch subsequent yr particular financial zones devoted to a number of sectors, Falih stated.
In addition to attracting larger funding volumes, it should deal with “qualitative progress”, he stated, mentioning areas such
as cloud computing, renewable power, tourism, tradition, leisure, and logistics.
“These investments might have decrease funding volumes however larger impression on the
Saudi Arabia is chairing a two-day summit this weekend
of the 20 greatest world economies, who will debate how you can cope with a pandemic that has brought about a worldwide recession and how you can handle the restoration as soon as it’s beneath management.
Falih stated the Saudi
financial system, which has been hit by the double blow
of the pandemic and decrease oil costs, had proven
resilience this yr and had a confirmed skill to resist shocks.