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SAUDI ARABIAN OIL COMPANY

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Saudi FDI up in first half of 2020 as economy shows resilience - minister

11/21/2020 | 06:35am EDT
Saudi Arabian Investment Minister Khalid al-Falih, speaks during a virtual meeting of B20 at the Saudi Business Group summit in Riyadh

RIYADH/DUBAI (Reuters) - Saudi Arabia's Minister of Investment Khalid al-Falih said on Saturday foreign direct investment (FDI) increased by 12% in the first half of 2020 compared with the same period last year.

The Saudi government, which is hosting this year's G20 summit, has made attracting greater foreign investment a cornerstone of its Vision 2030 plan to diversify the economy of the world's largest oil exporter away from oil revenues.

"I'm glad to say that FDI, my area of focus, in the first half has been reported to increase by 12% compared to last year," Falih, who previously chaired state oil company Saudi Aramco, told a G20 conference.

Falih said in September the kingdom had experienced a slowdown in FDI this year due to the global disruption caused by the COVID-19 pandemic.

"When I mentioned the 12% increase I wanted to assure people that there was no decline, our FDI target is much higher," Falih said on Saturday.

As part of efforts to attract foreign investors, Saudi Arabia will launch next year special economic zones dedicated to several sectors, Falih said.

In addition to attracting higher investment volumes, it will focus on "qualitative growth", he said, mentioning areas such as cloud computing, renewable energy, tourism, culture, entertainment, and logistics.

"These investments may have lower investment volumes but higher impact on the economy."

Saudi Arabia is chairing a two-day summit this weekend of leaders of the 20 biggest world economies, who will debate how to deal with a pandemic that has caused a global recession and how to manage the recovery once it is under control.

Falih said the Saudi economy, which has been hit by the double blow of the pandemic and lower oil prices, had shown resilience this year and had a proven ability to withstand shocks.

(Reporting by Marwa Rashad and Davide Barbuscia; Editing by Andrew Heavens and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.41.20%
SAUDI ARABIAN OIL COMPANY -0.14% 35.25 End-of-day quote.0.71%
WTI 0.78% 71.41 Delayed Quote.47.13%
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Financials
Sales 2021 1 293 B 345 B 345 B
Net income 2021 347 B 92 434 M 92 434 M
Net Debt 2021 303 B 80 888 M 80 888 M
P/E ratio 2021 19,9x
Yield 2021 4,00%
Capitalization 7 046 B 1 879 B 1 879 B
EV / Sales 2021 5,69x
EV / Sales 2022 5,33x
Nbr of Employees 79 000
Free-Float 1,76%
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Mean consensus HOLD
Number of Analysts 17
Average target price 34,53 SAR
Last Close Price 35,25 SAR
Spread / Highest target 13,5%
Spread / Average Target -2,04%
Spread / Lowest Target -31,9%
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Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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