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.



Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.