Saudi Arabia Boosts Investment Environment by Issuing 4,200 New Licenses

Business

January 16th, 6:20am

Riyadh - Bandar al-Mosalam

Saudi Arabia aims to achieve cumulative investments of more than $3.2 trillion by 2030 (AFP)

Saudi Arabia has strengthened its investment environment by issuing 4,200 new investment licenses during 2021. This comes as part of the country’s new stride towards bolstering the national economy and developing the Kingdom’s non-oil sector. Saudi Crown Prince Mohammed bin Salman had recently launched the National Investment Strategy, which is one of the main enablers to achieve the goals of the Kingdom’s national plan for transformation, Vision 2030. It works to boost national economic growth and help diversify sources of income. According to a recent report issued by the Ministry of Investment and reviewed by Asharq Al-Awsat, Saudi Arabia witnessed many achievements last year. Most notably, those successes include the approval of the organization of the ministry, the launch of the National Investment Strategy and the issuance of licenses for 44 international companies to transfer their regional headquarters to the capital, Riyadh. Also, 38 agreements and a memorandum of understanding were signed. Saudi Investment Minister Khalid al-Falih has stressed that investment is at the heart of Vision 2030 and reflects the country’s will and determination to stimulate the private sector so that it contributes to economic diversification, developing the domestic product, and achieving the Vision’s goals. Al-Falih affirmed that Saudi Arabia, since the launch of Vision 2030, has worked to implement fundamental reforms in the legislative and regulatory system to make the country’s economy more competitive and sustainable. According to the minister, the Kingdom has achieved tangible. The Saudi National Investment Strategy provides a roadmap to making the Kingdom a global top-15 economy by 2030, said the minister. It will target generating more than SAR 12 trillion to transform Saudi Arabia into a sustainable, competitive, world-class investment destination in line with Vision2030. The strategy will contribute to the growth and diversification of the Kingdom’s economy, which, in turn, will achieve many of Vision 2030’s goals, including raising the private sector’s contribution to GDP to 65% while increasing the contribution of foreign investments to GDP to 5.7%.

from Asharq AL-awsat https://english.aawsat.com/home/article/3417081/saudi-arabia-boosts-investment-environment-issuing-4200-new-licenses