October 25, 2021

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Foreign investment of 1.8 trillion riyals has been targeted by the Saudi strategy

Foreign investment of 1.8 trillion riyals has been targeted by the Saudi strategy

In an exclusive interview with Al-Arabiya, the Saudi Minister of Investment, Engineer Khalid Al-Falih, confirmed that the total investments targeted by the National Investment Strategy in the country will be worth 12.4 trillion riyals within 10 years.

Al-Falih considered that this goal could be achieved through this strategy, combining the power it enjoys with intelligent leadership and the strategies and initiatives of Vision 2030.

The investor explained the components of this target number of investments: 5 trillion riyals from the shareholding scheme, which includes major private sector companies, 3 trillion riyals from the Public Investment Fund (PIF) and more than 4 trillion, mostly from the private sector, 2.6 trillion riyals from the Saudi private sector About 1.8 trillion riyals from a partner project from outside and from small and medium enterprises and foreign direct investment.

He pointed out the integration of the tourism strategy with the strategies to improve the Asir region, thus facilitating their entry into the comprehensive national investment strategy, explaining that the job is to describe investment opportunities through work teams from the Ministry. And the private sector.

“Economic zones will soon open up and the national investment strategy will include 40 initiatives.

He described tourism as one of the key and most attractive sectors in Saudi Arabia, working with stakeholders to transform tourism strategy into specific opportunities to suit the regions of the country. This is one of the most promising fields.

He reviewed the importance of digital transformation, logistics zones, tourism development and industry development, creating economic zones for traditional sectors and an essential element for investing in the state. Sectors, including digital transformation, will use the “Invest” platform to explain the opportunities for everyone to participate in the strategy.

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He expressed the effort to establish special economic zones in the economic, key, health and cultural sectors by implementing the Saudi National Investment Strategy, which provides rewarding returns, reduces risks, speeds up work procedures, and reduces licensing and labor costs.

Al-Falih explained that the Kingdom aims to localize companies and increase local content, to create international distribution chains and to be the headquarters for the export of products of international companies. Intense competition is the world’s largest with credibility.

The Saudi investment minister explained that the country is targeting GDP of up to 6.4 trillion riyals, emphasizing the target of reaching about 30% of GDP, 22% of the best cases in the past.

Riyadh

He pointed to economic growth targets of more than 10% of GDP.

He explained that by adding these numbers, the target would be 12.4 trillion riyals By 2030, a gradual, deliberate and achievable increase will be sustainable.

By 2030, the annual rate of total investment in the Kingdom will exceed two trillion riyals by 2030, compared to 630 billion riyals.

Al-Falih said the leap needed to improve the private sector, achieve profitability and sustainability of its investments, and provide an integrated investment environment provided by the national investment strategy.

Saudi Arabia aims to increase net foreign direct investment (FDI) inflows into the country by 1816% within 10 years from 2021 to 2030.

It comes with the launch of Prince Mohammed bin Salman, the crowned national investment strategist who aims to increase net foreign direct investment to the state by 388 billion riyals ($ 103.5 billion) annually by 2030.

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Foreign direct investment last year was 20.2 billion riyals ($ 5.4 billion).