RIYADH—Saudi Arabia is ramping up efforts to lure international companies and revive Crown Prince Mohammed bin Salman’s plans for an economic makeover, after foreign investment fell to a 14-year-low in 2017.
The moves include plans to create two investment funds totaling over $18 billion for the government to enter into ventures with foreign companies, said people familiar with the matter. The kingdom is also pouring billions into entertainment-industry partnerships and working with SoftBank Group’s Vision Fund to bring technology...