Saudi establishes special authority to promote foreign investment
The Saudi Council of Ministers decided yesterday to establish the Saudi Investment Marketing Authority, with the goal of developing and attracting investments to the Kingdom.
The National Investment Strategy, released last year, set a target of more than $100 billion in foreign direct investment (FDI) per year by 2030.
The establishment of the authority, according to Minister of Investment Khalid Al-Falih, “aims to achieve integration between government agencies, improve services and businesses related to the marketing of investment opportunities, and support partnerships between investors, in a way that enhances direct investments in Saudi.”
To attract more investment and persuade international companies to establish a stronger presence in the Saudi market, Saudi intends to provide incentives, develop regulations, and establish special economic zones.
Al-Falih also explained the new commission’s duties and responsibilities: “it will work to promote the Kingdom as an attractive destination for investments regionally and globally, and highlight investment opportunities in all sectors, as well as work to strengthen and unify related efforts in the public and private sectors.”
According to Saudi Central Bank (SAMA) data, FDI flows in Saudi reached their highest level in more than a decade last year, reaching $19.3 billion.