Foreign investment in Saudi Arabia rises 40% in Q1: SAGIA

Foreign direct investment (FDI) in Saudi Arabia has increased by 40 percent in Q1 2018 compared to same period previous year, CNBC reported, citing Saudi Arabian General Investment Authority (SAGIA) governor Ibrahim Al-Omar.

"We have seen a growth for foreign investment — about 50 percent comparing the first quarter this year to the same period last year. Also, the (FDI) inflows we have seen about 40 percent," Al-Omar told an FDI forum in Bahrain on Thursday.

Official figures from the World Bank show FDI net inflows and outflows stood at $7.453 billion and $8.936, respectively, in 2016.

The government was ready to help businesses set up in the country, Al-Omar said, adding, SAGIA was working with state entities to support and incentivize foreign investment.

Meanwhile, the Kingdom aims to be in the list of top 20 nations in the World Bank's "ease of doing business index" by 2020. It is currently ranked at number 92 in the index of 190 countries.

"We are working with the World Bank and best practice across the world and we have identified over 400 reforms. Today, we have achieved about 40 percent of them," he saod.

Under Vision 2030, the government aims to increase FDI into Saudi Arabia from 3.8 percent to the international level of 5.7 percent of gross domestic product (GDP). In addition, Vision 2030 plans to increase the private sector's contribution from 40 percent to 65 percent of GDP.