2005 News Story

SAGIA to open offices around the world

The Saudi Arabian General Investment Authority (SAGIA) has announced plans to open offices abroad, including in China, the United States, Britain and Germany, in a bid to attract investment in infrastructure projects including power and water desalination plants as well as communications and energy-related projects.

SAGIA chief Amr Al-Dabbagh said that the Kingdom was seeking some $120 billion in investments in power generation, transmission and distribution in order to double its electricity generation capacity to 60,000 megawatts in 20 years.

SAGIA recently began an aggressive policy to attract foreign funds by providing incentives and tax breaks to investors and removing obstacles to investment, he said.