Saudi puts FDI at $147 bn

Saudi Arabia has attracted nearly $147 billion in foreign direct investment (FDI) and more than a third of the funds are invested in the industrial sector, the Gulf Kingdom’s investment chief was reported on Wednesday as saying.

Industrial investments are concentrated in oil refining, petrochemicals, basic metals, building materials, foodstuff and plastics, said Amr Aldabbagh, governor of the Saudi Arabian General Investment Authority.

“FDI in the Kingdom has totalled around SR552 billion ($147 billion) including nearly SR214.5 billion ($57.1 billion) in the industrial sector or about 38.9 per cent,” he told the London-based Saudi daily Alyahat.

His figures showed total industrial sales stood at around $60 billion and exports at nearly $27.7 billion in 2010. He said the sector provided nearly 145,000 jobs, including around 40,000 for Saudis.

Saudi Arabia, the largest Arab economy and the world’s top oil exporter, has emerged as the main Middle East destination for foreign capital as the country pushed ahead with reforms to spur investment and ease reliance on volatile crude export earnings. The second largest Arab FDI destination is the UAE, which has attracted in excess of $74 billion.