| 27 May 2024, Monday |

Saudi investment minister says FDI up 60 pct this year, excluding Aramco deal

Saudi Arabia’s Investment Minister Khalid al-Falih said on Wednesday foreign direct investment (FDI) had surged this year, even without Aramco’s oil pipeline sale.

“FDI has been fantastic this year … 60 percent jump excluding Aramco oil pipeline,” Al-Falih told an investment conference.

Saudi oil producer Aramco has approved in April a $12.4 billion agreement to sell a 49 percent stake in its pipelines to a consortium led by US-based EIG Global Energy Partners.

Saudi Arabia and Britain also signed a memorandum of understanding to improve bilateral investment flows.

“The two governments will do everything they can do to coordinate to remove any barriers, synchronize and harmonize our policies and regulations,” Falih told reporters.

He said that the potential for investment flows is in the range of hundreds of billions of dollars.

Falih said Saudi Basic Industries Corp will soon reveal an investment in Britain.

He did not provide details, but a UK newspaper reported that SABIC is close to approving a major investment agreement in a green energy project, which will support thousands of jobs on Teesside in northeast England.

HSBC on Wednesday signed a memorandum of understanding with Saudi Arabia to identify and promote sustainable investment opportunities for the Kingdom.

  • alarabiya