Saudi Arabia Announces Foreign Investment Deals Worth $20 Billion
November 1, 2019 – A total of 26 investment deals valued at $20 billion have been announced by the Saudi Arabian General Investment Authority (SAGIA) at the Future Investment Initiative. These investments, along with Saudi Arabia’s improved rank in the World Bank’s Doing Business 2020 report, indicate promising returns to local and foreign investors. According to Invest Saudi’s Investment Highlights, the number of investor licenses given to foreign companies increased by 30 percent in 2019, amounting to over 250 companies.
U.S. companies accounted for $16.4 billion of total investment. This includes an agreement signed by Air Product and Chemicals, Inc. with Saudi Aramco, ACWA Power, and Air Products Qudra to form a joint venture at a value of $11.45 billion. Meanwhile, Baker Hughes signed a $230 million agreement with Saudi Aramco to assist in AI transformation, in addition to a $50 million agreement with Saudi Basic Industries Corporation (SABIC). SABIC further agreed to a $50 million deal with New York-based Xylem, Inc. to develop manufacturing facilities for water and wastewater technologies and reached a $50 million agreement with Aurora Motors and Alkhorayef Group to produce highly efficient irrigation and drilling machinery.