Saudi Arabia has closed 49 major investment deals valued at $925 million during the second quarter of 2022, the Ministry of Investment said, as the Kingdom pushed ahead with ambitious plans to modernise its economy.
The deals, which include investments in real estate, tourism, and entrepreneurship, will create around 2,000 jobs in the local economy, the ministry said in a new report.
Investment deals in the real estate sector hit $288.5 million the second quarter, as investors look to capitalise on rising housing demand in the Kingdom. The burgeoning Saudi tourism sector also performed well in the same period, where a deal of $160 million was signed to develop a new hotel. The entrepreneurship space saw 34 deals signed valued at $115 million.
These new figures build on the momentum of the National Investment Strategy, which was announced by the Saudi government in October last year. The strategy focuses on raising the private sector contribution to the Kingdom’s gross domestic product, as well as on boosting foreign direct investments (FDI).
Saudi Arabia has seen major investment activities since the launch of the strategy, with FDI inflows hitting $1.97 billion in the first quarter of 2022 – an increase of 9.5 percent compared to the same period last year.
“Our nation holds strong investment capabilities, which we will harness to stimulate our economy and diversify our revenues,” Saudi Crown Prince Mohammed bin Salman was quoted in the recent report.
The government said it has introduce over 600 initiatives to streamline regulations and effectively make it easy for investors to strike deals in the Kingdom. Just last week, the Ministry of Investment formed a new committee to further promote investments opportunities in Saudi Arabia.
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