The Saudi Ministry of Investment is upgrading investment contract priorities in accordance with particular technical criteria in order to expand and protect Saudi investments around the world and enable firms to meet their objectives.
According to official sources, the Saudi private sector has been asked to identify target countries in order to establish a framework for launching and protecting investments in line with the Kingdom’s goals for the next stage.
Saudi Arabia has launched the National Investment Strategy, which is one of the primary enablers for the Saudi Vision 2030 goals to be realized.
The strategy aims to increase the private sector’s contribution to GDP to 65 percent, increase foreign direct investment to 5.7 percent of GDP, increase non-oil exports from 16 to 50 percent of total non-oil GDP, and lower unemployment to 7%.
“The Kingdom begins a new investment phase based on success in enhancing quantitative and qualitative prospects for Saudi and foreign investors, to empower the private sector and present it with vast chances,” Crown Prince Mohammed bin Salman said when announcing the policy.
“There is no doubt that investment will assist us in achieving the Kingdom’s Vision’s ambitions and aspirations, including economic development, diversification, and sustainability, technology transfer and localization, infrastructure development, as well as improving the quality of life, providing job opportunities, refining the skills of our human resources, and enhancing their capabilities,” he added.
The Crown Prince stated that the National Investment Strategy’s next phase would focus on formulating comprehensive investment plans for areas such as industry, renewable energy, transportation and logistics, tourism, digital infrastructure, and health care.