Saudi Arabia Expects Tripled Inflow of Foreign Investment

© AP Photo / Hasan JamaliA Saudi man passes the al-Faisaliya tower in Riyadh, Saudi Arabia
A Saudi man passes the al-Faisaliya tower in Riyadh, Saudi Arabia - Sputnik International
Saudi Arabia expects that the volume of direct foreign investment in its economy will double or even triple, the chairman of the board of directors of the Saudi Arabia General Investment Authority (SAGIA) said Friday.

MOSCOW (Sputnik) — On Tuesday, a Saudi delegation led by Abdullatif Othman arrived in Moscow to establish closer political and economic ties as well as to participate in an investment and business forum in the Russian capital.

"I expect that we will see a significant increase in direct investments [into the Saudi economy] and a new type of investments. An average level of foreign direct investments is about $10-15 billion a year. We expect that this volume will double or triple, because the potential of the economy is fantastic," Othman said.

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He added that Saudi Arabia ran an Invest in Saudi Arabia campaign to attract investment in the country's economy.

Riyadh has been strongly affected by a steep drop in global oil prices, which have almost halved compared to summer 2014 levels, and the country is looking for additional investment to boost its economy.

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