Saudi Arabia launches new investment marketing authority to support $3.2tr plan

RIYADH: Saudi Arabia’s Cabinet has announced the establishment of the Saudi Investment Marketing Authority as the Kingdom plans to inject more than SR12 trillion of investments in the economy by 2030.

It will also hold the responsibility of marketing and attracting investments to the Kingdom through preparing plans and programs, locally and internationally, the Saudi Press Agency reported.

The new authority aims to upgrade all business and services related to investment marketing and achieve cooperation between entities, according to the Ministry of Investment’s statement.

Saudi Arabia’s Investment Minister Khalid Al-Falih wrote on Twitter: “The Saudi Investment Marketing Authority will be a strong driver for the investment system, in accordance with the National Investment Strategy that aims to lure and develop national and foreign investments.”

Commenting on the creation of the authority, Mohammed Alsuwayed, former head of vision realization office at the Ministry of Transport, told Arab News: “It’s important to increase the synergy needed to implement the ministry’s initiatives and achieve the vision goals.”

“The authority was needed to get other entities involved and (held) accountable.”

Under its newly launched National Investment Strategy, Saudi Arabia aims to attract more investments from abroad as it seeks to diversify its economy away from the oil sector.

To know more: https://www.arabnews.com/node/2134486/business-economy