#Saudi Chase of $10 Billion Investment Goal Faltered Before Virus - Bloomberg

Saudi Chase of $10 Billion Investment Goal Faltered Before Virus - Bloomberg:

Saudi Arabia missed its $10 billion target for foreign direct investment by more than half last year, as damage from the coronavirus pandemic and low oil prices now threatens to throw plans further off track.

According to a report by the United Nations Conference on Trade and Development, FDI inflows reached $4.6 billion in 2019, up from $4.2 billion a year earlier. Outward investments were almost triple the level of inflows, but declined nearly 43% relative to 2018 even as state enterprises bought assets abroad and some wealthy Saudis looked for ways to move money out of the country. 

Attracting more foreign investment is a key goal under Crown Prince Mohammed bin Salman’s “Vision 2030” plan to diversify the economy away from oil. Saudi Arabia’s inward investments increased mainly because of a few large mergers and acquisitions, including major oil contracts, according to the UN agency known as UNCTAD.