Saudi ambition on rise to attract more capital, investment rate to change in coming years: Al-Falih

Saudi Minister of Investment Khalid Al-Falih

Saudi Arabia’s ambition is on the rise to attract more capital to the Kingdom, Minister of Investment Khalid Al-Falih. 

He emphasized that the real investment process in the Kingdom has not yet begun, particularly, with the active role played by the Public Investment Fund (PIF) and large companies. 

In an interview with Independent Arabia newspaper, as part of his visit to the UK, he added that he is confident that the investment rate will be different by the end of this year and the coming years. 

He explained that the field is open to British companies to invest in Saudi Arabia, pointing out that the petrochemical sector is one of the main sectors attracting investment and Saudi Arabia has become a leader in this sector. 

There are talks with INEOS Group about a $2 billion project in Al Jubail to produce nitriles that is used as a key material in advanced industries such as carbon fiber, and involved in many sectors, including the automotive industry, Al-Falih indicated. 

Investment is also open in the automotive and financial services sectors, which are without a ceiling, where companies had come a long way in this area, the Minister said, adding that the healthcare sector in the age of the pandemic needed more capable and efficient technologies. 

According to data available in Argaam, foreign investment within the Saudi economy grew to SAR 2.128 trillion by the end of the first quarter of 2021, a 13% increase compared to the same period in 2020.