Saudi Investment Minister Khalid Al-Falih revealed a significant 60% increase in foreign direct investment in the Kingdom this year, even without accounting for the massive Aramco oil pipeline deal. Speaking on Wednesday at the Future Investment Initiative conference, which had high-level international attendance, Al-Falih stated that "foreign direct investment is excellent this year, and we have seen a great leap." Earlier this year, Aramco had agreed to sell a 49% stake in its pipeline operations in a deal valued at $12.4 billion.
In a major shift to attract foreign investment, Saudi Arabia announced on Wednesday the granting of licenses to 44 international companies to establish regional headquarters in the capital, Riyadh, as part of the Kingdom's effort to become a regional commercial hub and compete for foreign capital and talent. A press release stated that these companies include multinationals from sectors such as technology, food and beverages, consulting, and construction, including Unilever, Baker Hughes, and Siemens. In February, Saudi Arabia, the world's largest oil exporter, announced that it would give foreign companies until the end of 2023 to establish their headquarters or risk losing government contracts, as it competes to attract foreign capital and expertise.
