Minister Al-Falih: 350 International Investors Choose Saudi Arabia for Regional Bases

Minister Al-Falih: 350 International Investors Choose Saudi Arabia for Regional Bases

By Staff Writer, 04 March 2024

Minister of Investment Khalid Al-Falih announced that over 350 international investors have acquired licenses to establish their regional headquarters in Saudi Arabia, with a significant portion set to be located in Riyadh.

Speaking at the Human Capacity Initiative conference in Riyadh, Al-Falih stated that numerous investors have selected the Kingdom as their future regional hub.

He mentioned a recent meeting with international investors who had secured licenses.

Al-Falih disclosed that the number of licenses granted for international investments in Saudi Arabia has risen from 3,000 to 30,000 since the inception of the vision.

He emphasized the Kingdom's commitment to fostering an optimal environment for investors to develop skills, innovate, and drive entrepreneurial growth while bolstering the private sector.

The minister highlighted investors' preferences for a workforce equipped with current and future-relevant skills, advanced research institutions, top-tier education, high-level international partnerships, and a robust and efficient system - all within a single location.

He cited established institutions like Saudi Aramco, SABIC, banking and financial entities, and major projects such as NEOM as exemplars of this commitment.

Al-Falih underscored Vision 2030 as the most comprehensive transformation in the Kingdom's history, aimed at transitioning the economy to a green economy, enhancing the business environment, and boosting international competitiveness.

“We are transforming and developing our economy into a green economy and enhancing the business environment and our international competitiveness. By the end of this decade, our economy aims to be two and a half times larger than what it was before the beginning of Vision 2030,” he said, predicting that private sector participation will increase from 40 per cent to over 65 per cent and the size of the economy will quadruple.

Al-Falih projected over $3 trillion in investments to be injected into the economy during the decade, with a significant portion allocated to emerging sectors such as the digital economy, tourism, financial and professional services, healthcare, and agriculture, offering substantial opportunities for human capital development.

Source: Saudi Gazette

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