Dubai advisory setting up shop in Saudi Arabia upbeat on FDI

Dubai advisory setting up shop in Saudi Arabia upbeat on FDI

It’s only a matter of time before Saudi Arabia starts attracting more foreign direct investment to support Crown Prince Mohamed bin Salman’s economic diversification drive, according to boutique firm deNovo Partners.The lack of meaningful FDI so far isn’t “something that will be there forever,” said May Nasrallah, a former Morgan Stanley banker who founded the Dubai-based advisory and serves as its executive chairwoman.Changes in regulation and clarity on rules around bankruptcy law, for example, are needed to draw in greater sums of international capital, she said in a Bloomberg television interview on the sidelines of the Qatar Economic Forum.Saudi Arabia’s goal to lure $100bn of overseas money by 2030 seems out of reach for now, with many potential investors still viewing the country as somewhat of a risky bet, Bloomberg has reported. The kingdom wants external capital to help ease the spending burden on mega projects and other initiatives aimed at diversifying away from oil.Nasrallah’s own advisory shop earlier this year secured a provisional license to operate in Saudi Arabia, joining numerous other boutique and investment banks rushing to the kingdom.While Saudi Arabia has made a wealth of changes to rules and regulations aimed at making it easier to navigate