FDI In Saudi Arabia Exceeds $170 Billion

2011-10-20 15:43:03

Foreign Direct Investment (FDI) in Saudi Arabia has crossed SR639 billion, ($170.382 billion) following economic reforms introduced by King Abdullah, according to Asharqia Chamber Chairman Abdul Rahman Al-Rashid.

Addressing the Chamber's annual conference in Dammam, he said the Kingdom's membership in G20 reflected its international economic position, especially in the expanding energy sector. In the Eastern Province alone there are 994 industries with a total capital investment of SR192 billion ($51.195 billion), the Arab News reported on Thursday.

Addressing the conference, Eastern Province Governor Prince Muhammad bin Fahd reiterated the government's commitment toward providing all the required services to businessmen and women and creating an atmosphere conducive to the development of business activities there.

"We want to make the Eastern Province a fertile land for investment," he told the gathering, adding that the region had already become the "capital of Gulf industries and international conferences."