Saudi Gazette report
RIYADH — Saudi Minister of Investment Khalid Al-Falih emphasized that the Middle East and North Africa (MENA) region faces a grave challenge in its weak ability to attract foreign direct investment (FDI) compared to the vast opportunities abound in the region. He also noted that the volume of foreign direct investment in Saudi Arabia has quadrupled since the launch of Vision 2030.

Speaking at the Global Industry Summit as part of the 21st UNIDO General Conference in Riyadh on Monday, Al-Falih stated that though the region makes up 4 percent of global GDP and contributes 5 percent to world trade, it attracts only 3 percent of FDI, a figure he deemed "not reflective of the true potential."

The minister stated that the region stretching from Central Asia to West Africa contains the world’s largest concentration of hydrocarbons and minerals. “This region holds 50 percent of the world’s oil reserves and 40 percent of its gas reserves. It also contains major mining areas that hold 79 percent of the world’s cobalt reserves, 44 percent of its manganese, 25 percent of its copper, and 21 percent of its graphite,” he said.

Al-Falih pointed out that Saudi Arabia possesses vast investment opportunities in the mining sector, with reserves estimated at approximately $2.5 trillion. He emphasized that two-thirds of Saudi Arabia’s population is under 35 years old, making it “one of the world’s youngest and fastest-growing markets.”

The minister highlighted the growth in investments in startups, noting that venture capital funding increased by 158 percent in a single year, reaching $1.3 billion in the first nine months of the year. He also mentioned that the Ministry of Investment registered 2,500 international entrepreneurs in the deep-tech sector.

Al-Falih revealed that 680 global companies have relocated their regional headquarters to Riyadh so far, while the assets of Saudi sovereign wealth funds amount to approximately $1.5 trillion.

The minister also noted that Saudi Arabia aims to become a major supplier of clean energy by exporting electricity via submarine cables to Europe and South Asia, in addition to expanding its production of blue and green hydrogen to become one of the world's largest producers.