Saudi Arabia’s industrial FDI amounts to USD57.1b

11 Mar 2011

(MENAFN) The Governor of the Saudi Arabian General Investment Authority, Amr Al-Dabbagh, said that foreign direct investment (FDI) in the industrial sector accounted for 38.9 percent or USD57.1 billion of the total USD147 billion FDI witnessed by the country in 2010, reported The Saudi Gazzette.

The governor added that Saudi Arabia is eyeing investments from foreign companies to assist in establishing industrial parks in order create jobs for the country’s growing population.

Saudi Arabia depends on oil for 85 percent of its revenue; therefore it aims at diversifying its economy and creating jobs through new domestic industries such as oil refining, petrochemicals, basic metals, building materials, foodstuff and plastics.

It is worth noting that industrial sales amounted to USD60 billion and exports hit USD27.7 billion in 2010. The industrial sector provided 145,000 people with jobs.

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