Saudi authority says 60% of foreign investments ​have no impact on local development

Saudi Arabia’s General Investment Authority (SAGIA) has found that 60 percent of foreign investments operating in the kingdom have not contributed to enhancing local services or to boosting Saudi’s 

competitiveness, said Abdulmoti Kaaki, a member of Makkah’s Chamber of Commerce & Industry.

SAGIA’s recently conducted studies on the investment climate and trends showed that most of these investments focused on contracting, restaurants, 

The investments have not met any of the developmental targets, including providing job opportunities for locals as well as and diversifying sources of income, Kaaki was quoted as saying by Asharq Al-Awsat newspaper.