By: Mahmoud Salah El-Din
Riyadh – Mubasher: The UAE was the top investor in Saudi Arabia with $9.5 billion in investments within the five-year period starting from January 2013 until December 2017, according to a report from the Arab Investment and Export Credit Guarantee Corporation.
The UAE’s projects in its GCC neighbouring state amounted to 122 implemented by 65 companies, the report found.
The US ranked the second top investor in the oil-rich kingdom with investments of $8.8 billion distributed over 84 projects by 71 firms, while France ranked third with $3.96 billion in investments injected into 23 projects by 16 companies.
In the same vein, Singapore came fourth with investments of $2.98 billion pumped by 17 companies into 17 projects, while Japan ranked fifth with $2.01 billion investments and 23 projects.
Majid Al Futtaim Group was the largest Emirati investor in Saudi Arabia with $3.7 billion, followed by US-based Exxon Mobil Corporation and France’s Total S.A. with $3.4 billion and $2.6 billion, respectively.
The report highlighted that Saudi investments in the UAE amounted to $2.9 billion through 21 projects by 20 companies during the same period.
Translated by: Mohammad Hesham Azab