Saudi seeks to attract non-oil capital

Saudi Arabia has undertaken several initiatives to attract foreign capital outside of its oil and gas sector, the deputy governor of the kingdom's investment authority said on Monday.

"There is a strong effort by the government to diversify this revenue," said Prince Saud al-Faisal of the Saudi Arabian General Investment Authority, or SAGIA.

"The challenge that we face ... is recognizing that Saudi Arabia is fertile ground to attract investment in all sectors," he added. Prince Saud spoke to The Associated Press on the sidelines of the fifth Annual Investment Meeting held in Dubai, United Arab Emirates.