A unique investment destination, the Kingdom of Saudi Arabia offers investors a wealth of natural resources and a strategic location at the intersection of three continents, making it a great place to start new ventures and grow existing ones.
A Substantial Deal of Foreign Investments
Non-founding foreigners’ investments in the Saudi market rose at the end of February to 10.45% of the total market, with their ownership below Aramco amounting to SAR 286.52 billion. Gulf investors’ ownership also rose to SAR 48.5 billion to 1.77% of the total market value of shares listed without Aramco.
The proportion of founding foreign owners without Aramco also accounted for about 1.58% of the total ownership of foreign investment in the Saudi Arabia market, equivalent to SAR 43.3 billion.
Ownership of non-founding foreign investors represents “swap agreements, eligible investors and resident investors”, but not strategic quotas for founders.
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JADWA Expects Huge Growth in 2023’s Construction
A report by Jadwa Financial Investment Company in Saudi Arabia revealed that Saudi Arabia’s construction sector will gain momentum in 2023 as a result of ‘Giga projects’ launched within the Gulf Kingdom’s ‘Vision 2030’ economic diversification scheme.
According to a report of Jadwa Investment, in the greatest oil-exporting nation in the world, the construction industry expanded by almost 4.7% in 2022 and will increase by nearly 4.7% in 2023.
It also reported that the rebound from around 1.3 % in 2021 came as a result of a sizeable 78 billion Saudi riyals ($20.8 billion) worth of construction projects executed in Saudi Arabia during 2022, with various sites around Giga-projects also going forward.
For 2023 and beyond, the advancement of Giga-projects will be the primary driver of the construction industry’s growth, spearheaded by the Public Investment Fund. All those projects saw varying rates of progress during 2022, it said.
It added that key projects include NEOM City, the Red Sea Development, the Roshn initiative to build houses for citizens, and Qidiya and Diriya entertainment and cultural projects in the capital, Riyadh.
The increase in government capital spending from SAR 150 billion ($40 billion) in 2022 to SAR 157 billion ($41.8 billion) in 2023 will further help the industry, it added.
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