Saudi Arabia leads the countries in the region in investing in huge deals

Saudi stocks in the public utilities sector, the investment and financing sector, the pharmaceutical sector, the commercial and professional services sector, and the energy sector recorded the largest decline among other sectors traded on the Saudi Stock Exchange, in the middle of today’s session, while the shares of the applications and technical services sector, the real estate management and development sector, the insurance sector, and the communications sector rose.

Kingdom attracts diversified investments

Earlier, Saudi Investment Minister Khaled Al-Falih said, on Monday, that the Kingdom aims to attract diversified investments, the total volume of which exceeds three trillion dollars by 2030, during the Saudi-Turkish Business Forum in Jeddah, coinciding with the visit of the Turkish President to the Kingdom.

Saudi Arabia, the world's largest oil exporter, aims to diversify its economy away from oil revenues and increase the contribution of the non-oil sector to economic growth by attracting investments to the sector.

Invest in the Saudi market

The Minister of Investment added, in a speech during the forum, according to the official Saudi news channel, that the Kingdom succeeded in attracting 390 Turkish companies to invest in the Saudi market with a capital of nearly one billion riyals, active in several sectors, the most important of which are construction, manufacturing industries, wholesale and retail trade, and restaurants.

He added that the number of companies with Saudi capital invested in Turkey has now reached 1,140 companies operating in several sectors.

Emerging companies

In related context, Data issued by the Magnet platform, which specializes in monitoring data for emerging companies in the Middle East and North Africa, showed that the value of venture investment in Saudi Arabia amounted to $ 446 million during the first half of 2023, down by about 27% from the same period last year.

According to Magnet's report on bold investment in Saudi Arabia for the first half of 2023, the number of deals that took place reached 54, a decrease of 44% compared to the same period in 2022, according to the Saudi Press Agency.

She stated that the Kingdom has become a more attractive destination for startups with the support of the government, and is well positioned to become a leading center for innovation in the Middle East, as many initiatives have been launched to support the space for venture investment in the Kingdom.

The data showed that during the first half of 2023, the record for bold investment in huge deals in the Kingdom, which amounted to $289 million, was exceeded, as two huge deals were recorded, which in turn accounted for 65% of the total, as follows:

- $156 million Floward deal (35% of total deals).

- $133 million mint deal (30% of total deals).