Germans invest $8bn in Saudi

German investments in Saudi Arabia have reached $ 8 billion, said Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority yesterday. Speaking to reporters after the opening of the Saudi pavilion at Hanover Industrial Fair, he said many German and other international companies have shown their interests to invest in the Kingdom. “SAGIA will provide them with a suitable investment climate in order to attract huge foreign investments,” he said, adding the Kingdom’s participation in the fair would help interact with major German and international companies. Commerce and Industry Minister Tawfiq Al-Rabiah, who opened the pavilion, said Saudi Arabia is one of the largest recipients of foreign investment in the region. “Industrial growth in Saudi Arabia reached double of its GDP last year,” he said, adding that it reflects the success of the Kingdom’s diversification drive. “Saudi Arabia wants to establish advanced industries in all fields,” Al-Rabiah said, adding that the Kingdom has won first place in industrial exports in the region. Meanwhile, German Chancellor Angela Merkel and Russian President Vladimir Putin visited the Saudi pavilion. “The visit reflects the Kingdom’s strong relations with the two countries,” Al-Rabiah said. Source: Arab News