Foreign investment in Saudi Arabia more than doubled in 2018 to reach $3.5 billion, the economy and planning minister said on Wednesday.
Mohammed Al-Tuwaijri said the value of investments rose 110 percent from the previous year.
The minister was speaking a day after the 2019 budget was announced, in which the government said it would boost spending by 7 percent to spur economic growth.
Attracting foreign investment is a key part of the Vision 2030 plan to diversify the economy away from oil revenues. Sending a message of reassurance to private-sector firms looking for business in the Kingdom, Al-Tuwaijri said that historical overdue payments owed by the government to contractors would be settled “within months.”
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