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Saudi Arabia FDI ranks first in Mideast in past 5 years.

RyYAD (CyHAN)- Saudi Arabia has topped Middle Eastern countries in foreign direct investment (FDI) by attracting 141 billion U.S. dollars during the past five years, according to Arab News Saturday.

The FDI and the government spending of 718 billion U.S. dollars, were instrumental in spurring the nation's economic growth, Commerce and Industry Minister Tawfiq Al-Rabiah told the newspaper.

He highlighted that the increase in oil revenues has successfully been used to support growth in non-oil sectors. The oil-rich country has been strengthening its private sectors to satisfy demand for jobs of the young people and reduce its dependence on oil exports.

Recent data from Saudi Arabian Monetary Agency revealed that Saudi Arabia's net foreign assets climbed to a record high of 716. 7 billion U.S. dollars in December, up 10.7 percent from a year ago. (Cihan/Xinhua)

CyHAN

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Publication:Cihan News Agency (CNA)
Geographic Code:7SAUD
Date:Feb 8, 2014
Words:158
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