عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Signs 100 Investment Deals Worth $4Bn during Q1

Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
TT
TT

Saudi Arabia Signs 100 Investment Deals Worth $4Bn during Q1

Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)

Saudi Arabia has signed 101 investment deals during the first quarter of this year, amounting to $4 billion.

Supervised by the Ministry of Investment, the deals are expected to provide more than 5,000 new job opportunities.

The Kingdom is the sixth among the G20 economies with the highest foreign exchange reserve.

A recent report issued by the Ministry, a copy of which was obtained by Asharq Al-Awsat, said the Kingdom has one of the fastest recovering economies from the effects of the pandemic, with a 9.6 percent growth in gross domestic product during the first quarter of 2022 compared to the same quarter of 2021.

The report indicated that the Kingdom provided opportunities for investors, making it easier to access untapped sectors by providing an attractive investment environment.

Foreign direct investment (FDI) in Saudi Arabia grew by 257.2 percent to reach $19.3 billion in 2021.

The Kingdom's industrial production index (IPI) continued to rise for the eleventh consecutive month, with a 24.8 percent increase in March, compared to 2021, the highest growth in the past three years.

The report indicated that the IPI increase was primarily driven by a 26.6 percent increase in mining activity after the Kingdom increased its oil production to more than 10 million barrels per day in March.

Foreign exchange reserves maintained their strength during Q1, reaching $45.7 billion in April, making Saudi Arabia the sixth-highest foreign exchange reserves among G20 economies.

The interest of foreign investors in the Kingdom rose to historical levels in the first quarter, with 9,383 new licenses.

This significant increase is due to the Kingdom's efforts to improve the investment environment and increase investor confidence after the global economic recovery in the post-COVID-19 era.

The number of companies that decided to open their regional headquarters in Riyadh has increased, and several small foreign-owned enterprises and institutions want to regulate their commercial status within the anti-concealment law in the Kingdom.

The Ministry of Investment added that after revoking the company licenses that regulated their status, it issued 1.2 thousand investment licenses in the first quarter of this year, a 153.7 percent growth compared to the same period in 2021.

Most Viewed

 
 
Business

Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT
TT

Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.