Saudi Arabia’s cabinet approved the formation of the Investment Marketing Authority in its latest meeting, marking a major milestone in the country’s efforts to attract additional foreign direct investment and diversify its economy away from oil.
In a statement following the authority’s approval, Investment Minister Khalid Al-Falih thanked the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the Cabinet approval of the new Saudi Investment Marketing Authority.
Authority to bolster Saudi Arabia’s investment landscape
Al-Falih explained that the new authority will bolster Saudi Arabia’s investment landscape and aims to consolidate the Kingdom’s position as a world-class investment hub, in line with the goals of Vision 2030.
The Saudi Investment Marketing Authority will contribute to diversifying the nation’s economy and enhancing its competitiveness on the global stage. Its launch also aligns with the objectives of the National Investment Strategy.
Al-Falih added that the authority will undertake the task of marketing investment opportunities, inside and outside the Kingdom in various sectors. It will collaborate with leading entities in diverse sectors to highlight the competitive advantages and incentives that the Kingdom offers to investors.
The new Saudi Investment Marketing Authority will also adopt the latest technologies and strategies in the field of investment marketing, implementing plans and programs based on in-depth analysis of target markets to attract global investors and introduce then to the advantages of the business environment in the Kingdom.
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Authority will highlight promising opportunities in key sectors
Al-Falih added that the authority will highlight promising and qualitative investment opportunities in strategic sectors such as technology, industry, tourism, transportation, logistics, renewable energy, health, education, real estate development, and others. He stressed that the authority will contribute to stimulating foreign direct investment flows, enhancing national investments and supporting national investors.
This, in turn, will support Saudi Arabia’s economic growth, provide qualitative job opportunities and enhance innovation and knowledge transfer, which will positively reflect on the sustainable development of the Kingdom and the competitiveness of its economy.
