Saudi investment ambitions impress but foreign money may be slow to come

Saudi investment ambitions impress but foreign money may be slow to come:

"Saudi Arabia impressed bankers and fund managers from around the world this week with the size of its economic ambitions but it may not have convinced foreign businessmen to pour in the billions of dollars needed to transform the kingdom. 

At a lavish, three-day investment conference attended by over 3,500 people from 88 countries, Crown Prince Mohammed bin Salman announced plans for a $500 billion business zone reaching into Jordan and Egypt. Riyadh’s main sovereign wealth fund said it would nearly double its assets to $400 billion by 2020.

The event, part of the kingdom’s drive to free itself of reliance on oil exports in an era of cheap oil, attracted senior executives of global banks such as Citigroup, Goldman Sachs, Bank of China and Mizuho.

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