Saudi Arabia, seen by IMF as one of the fastest-growing economies this year, has signed a slew of investment deals across sectors, including in aerospace, as it looks to build up its position in global value chains.
The agreements were signed by the Saudi Ministry of Investment on Tuesday on the sidelines of the Future Investment Initiative (FII) in Riyadh, a ministry statement said.
In the aerospace sector, where the kingdom plans to achieve 50% localisation by 2030, it signed an agreement with Boeing and local advanced metals manufacturer Tasnee. In addition, it signed another deal with US space training company Orbite to develop investment opportunities in space tourism and entertainment.
The ministry also signed two agreements in technology and one in the finance sector.
US biotech company Ginkgo Bioworks will expand capabilities in the kingdom, by implementing public health technology, establish synthetic biology support for public health and provide other tools for training and data infrastructure.
It also signed an agreement with Korea’s Taihan Cable and Solution to set up a new, extra-high voltage cable and copper rod factory.
There was also an agreement with Brazilian financial company BTG Pactual, one of Latin America’s largest investment banks, to establish a regional headquarters in Riyadh.
The IMF expects Saudi Arabia's GDP to expand by 7.6% this year, the fastest among G20 economies. Last year net FDI growth surged, with inflows of almost $20 billion for the year.
(Writing by Brinda Darasha; editing by Seban Scaria)