Saudi financial strength reflects diversified investments: Al-Falih

Khalid Al-Falih, Minister of Investment

Khalid Al-Falih, Minister of Investment, said Saudi Arabia's financial strength reflected the diversity of its investments.

The combined assets held by the Saudi Central Bank (SAMA) and other funds totaled about $1.5 trillion, which made the Kingdom a global driver in investments, he said in his address at the UN Industrial Development Organization (UNIDO) general conference in Riyadh on Nov. 24.

Al-Falih added that the indicators of the National Investment Strategy exceeded all targets for four consecutive years. This included capital formation and foreign direct investment, which tripled since the strategy was launched, while GDP also doubled since the launch of Vision 2030.

In addition to attracting foreign direct investment, the Kingdom enabled national investors and leading companies to invest abroad, adding that it sought to make investments a two-way path between the Kingdom, the region, and the rest of the world.

Saudi Arabia also emerged as a global platform for green energy, leveraging its capabilities in producing blue and green hydrogen, renewable energy, wind power, and solar power. The country would export electricity through cables to Europe, South Asia, and parts of the Middle East in the near future, the Minister added.

He indicated that cultural industries, tourism, and heritage constituted vital and fundamental drivers of the Kingdom’s dynamic economy, adding that the regional headquarters program attracted 680 global companies to Riyadh to invest in the Kingdom and the Middle East.

Saudi Arabia posted record figures in venture capital activity, with financing rising 158% year-on-year, while investments reached $1.3 billion during the first nine months of the year, in addition to registering 2,500 entrepreneurs in advanced technology fields.