Saudi Arabia to hit its $24b FDI target

Dubai: Saudi Arabia’s recent investment law overhaul and a series of reforms are poised to help the country reach its target of attracting $24 billion (Dh88 billion) in foreign direct investment (FDI) this year.

Standard Chartered bank's latest report highlights that the country's economic growth prospects will be bolstered by increased FDI, along with rising investments in public capital and the private sector.

As part of its economic diversification strategy, Saudi Arabia is targeting $100 billion (Dh367 billion) in FDI by 2030.

Saudi Arabia introduced an updated investment law designed to enhance FDI inflows. The ministry of investment stated that this new law aims to improve transparency and streamline the investment process in the country.

The updated legislation promises to offer better protections for investors, including adherence to the rule of law, fair treatment, and property rights. It also includes strong safeguards for intellectual property and facilitates smooth fund transfers.