Dubai: With global economies and capital markets still reeling under the credit crunch gauntlet, Saudi Arabia projected a more optimistic outlook with foreign direct investment (FDI) expected to grow by over 20 per cent year on year.
"We expect FDI to witness additional growth in 2010 in the range of 20 per cent 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 FDI in the Arab world, Saudi Arabia is transforming itself into one of the world's top 10 most competitive economies.
In just four years it 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.
Opportunities
The Outlook Saudi Arabia Summit, being held for the first time this year in strategic partnership with the Saudi Arabian General Investment Authority (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 will be conducted from April 10 to 12 at the Al Faisaliah Hotel in Riyadh.
"Over the next five years we expect GDP growth to range between 2.9 per cent and 5.9 per cent, averaging 4.5 per cent annually," said Yahya Jalil, Director of Private Equity at The National Investor.
