Saudi Arabia’s Investment Ministry will be establishing two agencies with the key objective of mapping and outlining investment opportunities in the Kingdom for potential investors.
Investment Minister Khalid Al-Falih revealed that the two agencies will post investment opportunities on a specialized portal and go into great detail on each opportunity’s profit targets and relevant regulations.
Al-Falih also clarified that the portal “Invest Saudi” aims to reduce and distribute risks appropriately between public and private sectors. He predicted that thousands of investment opportunities will be tendered in each of the Kingdom’s sectors.
Speaking at a meeting organized by Asharqia Chamber, Al-Falih said that investment opportunities in the Kingdom are worth billions of dollars.
The minister confirmed that Saudi Arabia is now preparing for the post-pandemic transitional phase, adding that “joint work between the public and private sectors will enable seizing opportunities and achieving the goals of Kingdom Vision 2030”
He pointed out that the world has largely surpassed fears of coronavirus pandemic, despite the 3.5% economic witnessed in 2020. Forecasts now show that 2021 will see accelerated growth that compensates last year’s losses.
Secretary-general of the Economic Cities and Special Zones Authority Nabil Khojah, for his part, revealed that Saudi Arabia is looking to produce several economic zones over the next five years.
One of those zones will be located in the Ras Al Khair region, where development projections have predicted the creation of around 80,000 jobs.
Khojah noted that Saudi economic zones will offer a variety of incentives like customs exemption on imports and exports and some tax breaks.
He went on to reassure Saudi businessmen that the Authority will act as a main legislator, set a specific methodology to ensure the proper governance of investments, and set up an operating mechanism to ensure the preservation of the local market.
