Saudi Arabia posts 31% investment growth reaching $266bln for first time in history

Saudi Arabia posts 31% investment growth reaching $266bln for first time in history

RIYADH — The investment sector in Saudi Arabia witnessed a record growth of 31 percent during the year 2022, reaching more than SR1 trillion ($266.6 million), for the first time in the history of the Kingdom. This was announced by Minister of Investment Eng. Khalid Al-Falih.

Addressing the opening session of the Saudi Special Economic Zones Investment Forum, here on Monday, Al-Falih said that the Kingdom witnessed a dramatic shift by becoming a destination for investment, with a huge cash flow from abroad.

The minister said that the private sector has become a leader in investment in Saudi Arabia, noting that the Kingdom has achieved economic goals and development goals, that exceeded both the planned and expected ones.

Al-Falih emphasized that ‘the Regional Headquarters Program’ provides outstanding benefits for international companies while establishing their regional headquarters for the Middle East and North Africa region in Saudi Arabia, specifically in Riyadh.

The minister stated that green projects in Saudi Arabia aimed to increase the contribution of renewable energy by 50 percent in the energy sector. “Saudi Arabia will be a pioneer in investing in green industrial foundations, such as the electric car manufacturing and hydrogen production. The special economic zones, which were launched in 2013,