Saudi FDI Inflows Grow by 10.7% in 3rd Quarter 2022

Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
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Saudi FDI Inflows Grow by 10.7% in 3rd Quarter 2022

Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)

The Saudi Ministry of Investment said on Tuesday that the foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7% in the third quarter of 2022 over the same period a year earlier.

FDI inflows amounted to 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, according to the Investment ministry’s latest monthly bulletin, compared to 6.5 billion riyals in the third quarter of 2021.

This announcement comes as Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023), which is organized by the Financial Sector Development Program partners (Ministry of Finance, Saudi Central Bank, and Capital Market Authority).

The event, which will be held on March 15-16 at the King Abdulaziz International Conference Center in Riyadh, will be attended by decision-makers in the financial sector and senior executives in local, regional, and international financial institutions, as well as investors, entrepreneurs, and prominent academics.

Minister of Finance, Chairman of the Financial Sector Development Program Committee, Mohammad Al-Jadaan, told SPA that the second edition of the FSC comes at an important stage in the world, amid efforts to overcome the challenges in the global economy.

He added that Saudi Arabia sought to speed up the implementation of comprehensive structural reforms, including reforms in the financial sector, through strategies, programs and projects that promote sustainable economic growth and raise the quality of life, in accordance with the Kingdom’s Vision 2030.

According to a press release, the FSC 2023 agenda includes a discussion of the key topics on the aspirations and concerns of the financial community. Participants will discuss the challenges and opportunities facing the global economy, supply chain constraints, a changing world order, the protracted pandemic, and other factors causing slow growth in many regions worldwide that affect the financial sector and its ecosystem.



Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.

The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.

Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.

He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.

GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.

He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.

The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.

He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.