Direct Investment Act made substantial changes to the rules on foreign investment, including for the first time allowing projects to be run by 100% foreign-owned companies. Since 2008, extensive Saudi land investment has taken place, especially in Africa. For more, see the section on the Non-petroleum sector. According to UNCTAD's June 2018 report, Saudi Arabia's foreign direct investment was only $1.4 billion in 2017, down from $7.5 billion the year before and as much as $12.2 billion in 2012. The fall in investment is attributed to negative intra-company loans by foreign multinationals and various divestments. In the first quarter of 2018, net capital outflows were running at approximately 5% of GDP, compared to less than 2% of GDP in late 2016. However, according to a report published in Trading Economics, in the second quarter of 2018, foreign direct investment in the country raised by $882 million. Moreover, SAGIA's data indicate that licenses provided to foreign investment increased by 130% in the first quarter of 2018 as a result of reforms in the economy. As Saudi oil income declined in the late 2010s, the Kingdom's international debt soared. In December 2018, Saudi Arabia announced it would be issuing bonds worth approximately 120 billion riyals ($32 billion) to cover its 4.2% GDP deficit of 131 billion riyals. In January 2019, the kingdom sold bonds worth $7.5 billion. In almost two and a half years, bonds worth $60 billion were sold by Saudi, which became one of the biggest borrowers globally. Foreign investments in the Kingdom witnessed a rapid increase in the first quarter of 2019. The number of new licenses approved for foreign businesses grew 70% over 2018. Most licenses were approved for British and Chinese companies, which drove the increase. In the first quarter of 2019, foreign investment in Saudi Arabia jumped by 28%. Diversification and the development plans The government has sought to allocate its petroleum income to transform its relatively undeveloped, oil-based economy into a modern industrial state, while maintaining the kingdom's traditional Islamic values and customs. Although economic planners have not achieved all their goals, the economy has progressed rapidly. Oil wealth has increased the standard of living of most Saudis. However, significant population growth has strained the government's ability to finance further improvements in the country's standard of living. Heavy dependence on petroleum revenue continues, but industry and agriculture now account for a larger share of economic