Dubai: The government of Saudi Arabia has identified investment opportunities worth $140 billion (Dh514 billion) according to Prince Saud Al Faisal, Deputy Governor of the Saudi Arabian General Investment Authority (SAGIA).
“These opportunities will be open to all investors in the transport and health care sectors and industrial sectors, and will also be actively presented to individual investing entities through an innovative global ‘matchmaking service’ in the period ahead,” he said in his keynote speech at the opening ceremony of Annual Investment Meeting (AIM) 2015.
Saudi Arabia is the third fastest growing economy in the G20, with five per cent average annual growth over the past decade and the International Monetary Fund (IMF) projecting strong growth in the years ahead.
Saudi Arabia is developing a database to help investors make informed decisions to maximise their investment returns, as well as an app listing all investment opportunities in Saudi Arabia, in coordination with other Saudi ministries, Prince Al Faisal said.
As part of Saudi Arabia’s regulatory reforms, new “fast-track” procedures will guarantee that investors will have their investment licenses processed within three days, he added.
Fourteen organisations are participating in the Invest Saudi Pavilion at the AIM Conference, including the Royal Commission for Jubail and Yanbu, the Ministry of Health, Sadara Chemical Company, Jazan Economic City, Saudi Aramco, Saudi Export Development Authority, Modon, the Saline Water Conversion Corporation, the Saudi Industrial Development Fund, the Saudi Ports Authority, and the Economic Cities Authority.
Trade partner
Meanwhile, UAE-Saudi Arabia bilateral trade is estimated at $19 billion in 2014, accounted to 50 per cent of the overall all trade with other Gulf Cooperation Council (GCC) countries, Prince Al Faisal said.
Saudi Arabia’s investments in the UAE reached $10 billion, through 2,360 Saudi firms, while UAE investments in Saudi estimated at $9 billion mostly in industrial and service sectors, he added.
The total value of FDI flows to Saudi Arabia stood at $208 billion in 2014.
He expected further investment opportunities within the two countries in line with the preparations for the giant Expo 2020 event.
