Saudi Arabia says now it’s time for all of you to start investing in us
The kingdom's credit rating was raised for the first time by Moody’s Investors Service, which cited Saudi efforts to diversify its economy beyond oil
View of office and residential buildings under development in Riyadh's Al Aqiq neighborhood.
Saudi leaders are amplifying their message that foreign investment is a two-way street.
As the kingdom’s 27th World Investment Conference kicks off today in Riyadh, Cabinet ministers and other top officials are letting other nations know that putting money into the Saudi economy would be especially appreciated after decades of their being on the receiving end.
In a warm-up statement before the conference, Saudi Investment Minister Khalid Al-Falih said: “We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the kingdom and global economies.”
Saudi Arabia’s inflows of foreign direct investment barely rose in the first half of the year from the same period in 2023, contributing to delays in the target dates for several projects that are part of the kingdom’s Vision 2030 economic overhaul plan.
Among the conference speakers: Saudi Minister of Economy and Planning Faisal Alibrahim; Prince Sultan bin Khalid, CEO of the Saudi Industrial Development Fund; Egyptian Investment Minister Hassan Khatib; Alastair King, Lord Mayor of London; Christophe Farnaud, EU Ambassador to Saudi Arabia and Nivruti Rai, CEO of Invest India.
Meanwhile, Saudi Arabia’s credit rating was raised by Moody’s Investors Service for the first time, citing the kingdom’s efforts to diversify its economy beyond oil.
And Saudi regulators granted licenses to Citigroup and Morgan Stanley to set up regional headquarters in Saudi Arabia, a prerequisite for getting government contracts in the kingdom.