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☆ Many 'doubted the vision': Saudi investment minister touts 'green shoring' on path to diversification
▼ + stars: | 2024-09-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.

Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia

☆ Saudi Arabia says will host Arab and Islamic summits to discuss Gaza conflict
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Saudi Arabia's Minister of Investment Khalid Al Falih gestures during the opening session of the Future Investment Initiative Conference in Riyadh, Saudi Arabia, October 26, 2021. REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsSINGAPORE, Nov 8 (Reuters) - Saudi Arabia will host summits of Arab and Islamic nations in coming days to discuss the Israeli-Palestinian conflict, Saudi Arabia's investment minister said on Wednesday. "We will see, this week, in the next few days Saudi Arabia convening an emergency Arab summit in Riyadh," said Saudi investment minister Khalid Al-Falih, at the Bloomberg New Economy Forum in Singapore. "In a few days you will see Saudi Arabia convening an Islamic summit," he said. Falih also said Saudi Arabia would convene a summit with African nations, without specifying a date.

Persons: Investment Khalid Al Falih, Ahmed Yosri, Khalid Al, Ebrahim Raisi, Falih, Tom Westbrook, Maha El, Shri Navaratnam Organizations: Saudi, Investment, Future Investment Initiative, REUTERS, Rights, Bloomberg, Economy, of Islamic, Thomson Locations: Riyadh, Saudi Arabia, Rights SINGAPORE, Saudi, Singapore, of Islamic Cooperation, Iranian, Tehran, China, Maha El Dahan, Dubai

☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

☆ Saudi Arabia needs more than higher oil prices to fund its grand plans
▼ + stars: | 2023-06-05 | by ( Eoin Mcsweeney | ) edition.cnn.com time to read: +8 min

Abu Dhabi, UAE CNN —Saudi Arabia surprised traders again on Sunday with an oil production cut of about 1 million barrels a day, roughly 1% of global supply, which sent oil prices climbing. But Saudi Arabia knows that it cannot rely solely on a fluctuating oil market for income. Saudi Arabia targets $100 billion in annual foreign direct investment (FDI) by 2030. “We think about where most of the tourism development for Saudi Arabia, it’s along the Red Sea coast. Alongside China’s slowing economy and a sluggish oil market, there are fears for a potential global recession, with Russia’s ongoing war on Ukraine adding uncertainty to the market.

Persons: Amena Bakr, “ There’s, ”, Karen Young, Investment Khalid Al, Falih, CNN’s Becky Anderson, “, ’, ” Falih, Prince Mohammed bin Salman, King Salman, Young, Bakr Organizations: UAE CNN —, Brent, Saudi, Organization of, Petroleum, Energy Intel, Monetary Fund, Columbia University Center, Global Energy, Forbes, Saudi Central Bank, ”, Investment, Gulf Cooperation, Investors, CNN, EU Locations: Abu Dhabi, UAE, UAE CNN — Saudi Arabia, Riyadh, Saudi Arabia, OPEC, Saudi, “, Riyadh Monday, Gulf, Dubai, Turkey, Qatar, Syria, Yemen, Iran, Sudan, Red, China, Japan, Korea, Germany, Europe, United States, Ukraine

☆ Japan calls off business forum after Saudis cancel trip
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

"Nothing has been decided regarding a visit to Japan from Saudi Arabia's Crown Prince and Prime Minister Mohammed (bin Salman)," Japan Chief Cabinet Secretary Hirokazu Matsuno told reporters. "Japan's relationship with Saudi Arabia is crucial given they are a significant strategic partner. It is important we hold high-level visits between Japan and Saudi Arabia in the near future," Matsuno said. Saudi Arabia signed investment agreements worth $30 billion with South Korean companies during the visit. Prince Mohammed has since arrived in Thailand for a state visit, according to state media.

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