Business | Investment
Foreign investments in Saudi Arabia increase
The number of licensed foreign investment projects in Saudi Arabia now stands at 3,272 with a capital of 275 billion Saudi riyals, according to a study.
- By Mariam Al Hakeem, Correspondent
- Published: 00:00 April 4, 2007
Riyadh: The number of licensed foreign investment projects in Saudi Arabia now stands at 3,272 with a capital of 275 billion Saudi riyals, according to a study.
Around 1,898 of these projects have been executed with investments of 57 billion riyals, according to the study, conducted by the Riyadh Chamber of Commerce and Industry (RCCI).
Foreign investments in Saudi Arabia increased significantly between 2001 to 2005, said the study, which evaluated the economy's performance during the first five years of the century.
The study reaffirmed that the performance of the national economy had improved the state budget during the past few years as the total surplus had jumped fivefold from only 22.7 billion riyals in 2000 to 107.1 billion riyal in 2004 with an average annual growth of 47.3 per cent.
The 2007 national budget, the largest in the history of the country with expenditures projected at 380 billion riyals and revenues at 400 billion riyals, reflects the growing strength of the oil-rich kingdom's economy.
The study said despite efforts to create more jobs for Saudis, the number of unemployed nationals had increased from 339,900 in 2000 to 304,100 in 2002 with an annual rise of 12.6 per cent.
Average per capita consumption has declined from 12,600 riyals to 12,4000 riyals between 2000 and 2004 despite the rise of annual average of per capita income from 34,500 riyals 41,400 riyals.
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