Grand Mufti of Lebanon Supports Precautionary Measures Taken by KSA to Reduce Spread of Coronavirus    HRH Crown Prince Congratulates Chairman of Presidency Council of Bosnia and Herzegovina on Independence Day    Saudi Press    Weather Forecast For Saturday    AEC Receives Best in Saudization Award in Manufacturing Sector from Saudi ARAMCO's IKTVA Program    Prince Mansur bin Miteb Arrives in Cairo    Sheikh Al-Azhar, Mufti of Egypt console Custodian of the Two Holy Mosques on death of Prince Talal bin Saud bin Abdul Aziz    Ministry Tourism temporarily suspends issuance of tourist visas for some countries where new Coronavirus is spread    Custodian of the Two Holy Mosques receives cables of condolences over death of Prince Talal bin Saud bin Abdulaziz    Saudi TBC Company Participates in Global Educational Supplies, Solutions Exhibition in UAE    Jeddah to Host First Professional Women Golf Tournament    Winter at Tantora Celebrates Eastern and Western Culture as AlUla Embraces a Night of Persian Music    KAEC to Host Startups Investment Forum in March    ITU Classifies Saudi Arabia as one of the Top Countries Worldwide to Open Access to Ultra-fast Broadband Connections    Giroud on target as Chelsea claim vital win over Tottenham    Al-Ta'awon of Saudi Arabia makes its second win to lead group C of Asia Champions 2020    AFC Champions League 2020: Al-Nasr Beats UAE Al-Ain    Saudi Health Economics Experts Dialogue Forum Held in Riyadh    Organizers of Red Sea International Film Festival Disclose Details of the Program    14th Annual Conference of Infectious Diseases Kicks off in Jeddah    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    Custodian of Two Holy Mosques addresses Citizens and Muslims on the Advent of Holy Month of Ramadan    Ministry of Hajj and Umrah Launches Awareness Message on Sacrifice Day    Custodian of Two Holy Mosques addresses the Saudi people and Islamic nation on the blessed Eid Al-Fitr    Newcastle Beat West Ham 3-0 for their first Win of the Season    Mourinho insists Ibrahimovic must be good enough for Manchester United    Reforms have saved the economy from possible recession, say analysts    The King and Crown Prince congratulates Moldova's President    More than 1,5 million pilgrims arrive in Saudi Arabia, so far    MWL allocates SR 7 million for Eid sacrifice project in 47 countries    Saudi Campaign provides educational and training services for Syrians in Al-Za'tari camp    Saudi student goes missing in Kentucky, US    Harvey lashes Texas US coast with high wind, torrential rain    North Korea tests short-range missiles as South Korea, US conduct drills    Samsung leader Jay Y. Lee given five-year jail sentence for bribery    Known days    "MODON" Signs MoU with Chinese Goldwind Company for wind-turbines manufacturing in the Kingdom    Flyadeal, Saudi Arabia's new low-cost airline, scheduled to launch on September 23, reports    Mastercard launches Masterpass in the Kingdom of Saudi Arabia    Honda among 27 Japan players named for World Cup qualifiers    Joker, Harley Quinn movie in works with 'Crazy Stupid Love' filmmakers    Madhuri Dixit to venture into Marathi films as a producer    Consumers warned against using some brands of face powder, hair products    How 'GOT' makers made the frozen lake in 'Beyond the Wall'    Shraddha Kapoor wants people to help the needy    Neymar targets improvement after phenomenal home debut    Politicizing the pilgrimage    Rakhi 2017: "Bond of Love" between a brother and his sister    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





SAGIA and UNCTAD Announce Global FDI Summit in Riyadh
Published in Saudi Press Agency on 23 - 01 - 2020

During the 2020 World Economic Forum in Davos-Klosters, Switzerland, the Saudi Arabian General Investment Authority (SAGIA) announced its partnership with the United Nations Conference on Trade and Development (UNCTAD) to host the Global FDI Summit in Riyadh in October, as Saudi Arabia hosts the G20.
Aimed at identifying and facilitating long-term solutions to challenges affecting FDI and global economic growth, the Global FDI Summit 2020 will include a series of open and candid discussions between leading decision-makers representing corporate entities, government agencies and civil society organzations. The Summit will take place alongside a broader program of G20 meetings taking place in the Kingdom under Saudi Arabia's G20 Presidency.
Commenting on the launch of the Summit, His Excellency Eng. Ibrahim Al Omar, Governor of SAGIA, said: "FDI has the potential to transform economies by fostering competition and sharing expertise – but the full potential is not currently being realized. Saudi Arabia has seen highly encouraging growth in foreign direct investment throughout 2019. This therefore presents the perfect opportunity to bring together key decision makers from across the economy at the Global FDI Summit 2020 to identify the key challenges and establish solutions to stimulate FDI on a global scale."
According to the Saudi Arabian Monetary Authority, the Kingdom saw an uptick of 10% in FDI during the first three quarters of 2019 – its largest increase in a decade – despite cross-border investment remaining largely flat last year globally.
Al Omar continued: "We are delighted to be partnering with UNCTAD on such an important event – I know that their expertise and research will be a vital part of its success. Together, we look forward to generating tangible, usable outcomes that break down the barriers hindering the growth of FDI, unlock untapped sectors, and drive economic growth for the benefit of all nations."
James Zhan, Senior Director of investment and enterprise division at UNCTAD, said: "Saudi Arabia has seen FDI increase for two consecutive years. The achievement is remarkable against the backdrop of global FDI decline to its lowest level of the past decade. It reflects the strong investor confidence in the country and the success of reforms under Vision 2030. UNCTAD is pleased to jointly organize with Saudi Arabia's General Investment Authority the Global FDI Summit in Riyadh in October, which provides an excellent opportunity to showcase Saudi Arabia's efforts at shaping the future global investment landscape during its G20 Presidency."
The announcement was made during the Invest Saudi Gala Dinner at the 2020 World Economic Forum in Davos, Switzerland, at which more than 100 leading policy makers and business and financial sector leaders were in attendance.
Ahead of Davos, SAGIA announced in its latest Investment Highlights report that 2019 marked a record year for foreign investment in Saudi Arabia, with more than 1,100 new international companies establishing operations in the Kingdom in 2019 – 54% more than in 2018 and three times more than in 2017. It was also revealed that in the first nine months of 2019, FDI in Saudi Arabia grew 10% compared to the previous year.
This growth reflected the strong momentum generated by a broad series of economic reforms which saw the Kingdom ranked the world's top improver and reformer by the World Bank, climbing 30 places in the World Bank's Doing Business 2020 report – more than any other country.


Clic here to read the story from its source.