The report said that in recent years, due to the fall in international oil prices, Saudi Arabia's economic growth has slowed down, hoping to reduce its dependence on oil exports and attract foreign exchange and technology. Al-Falih, Saudi Energy Minister, said that the agreement covering all enterprises reached $200 billion, many of which were to help Saudi Arabia produce products that had previously relied on imports. "We hope that foreign companies will regard Saudi Arabia as a platform to promote the export of goods to other markets." Falih said in a meeting with dozens of American corporate executives.
Saudi officials introduced local investment opportunities at the meeting on the 20th, and said that they would promulgate new regulations on foreign direct investment within 12 months to make the investment process smoother.
Saudi Aramco says it has signed agreements with American companies worth $50 billion. American Jiake Engineering will set up a joint venture with Aramco, and mcdermott will transfer some shipbuilding equipment from Dubai to Aramco's shipbuilding base in Saudi Arabia.
In addition, Saudi Arabia's public investment fund, together with Japanese Softbank Group, American Apple Company and Qualcomm, supported the establishment of the world's largest technology fund "Softbank Vision Fund". On the 20th, the fund announced that it had raised $93 billion to invest in the technology industry, including artificial intelligence and robots. Most of the money may be invested in the United States. Reuters reported that this will help Saudi Arabia acquire the technology needed for economic development.