The Saudi Investment Deputy Minister for Economic Affairs and Investment Studies, Dr. Saad Alshahrani, has stressed that the development of local investments is a major driver of the Saudi economy, pointing out that the economic performance of the Gulf region and the Middle East has made it attract more foreign investments.
He cited the significant growth achieved by the Kingdom in the last three years in the volume of local and foreign investments.
In a statement to the Saudi Press Agency during his participation in the Priority Summit in Miami, Al-Shahrani pointed out that fixed capital formation achieved a growth of 29% in 2022.
The number of issued investment licenses in recent years, reached nearly 9,000 licenses issued during 2023 while previously, it did not exceed 400 licenses.
The investment opportunities before launching the National Investment Strategy (NIS) were approximately 200, and today there are approximately 1,600 investment opportunities in different quality industries and multiple regions in the Kingdom, through 40 initiatives and four pillars.
Al-Shahrani said that the National Investment Strategy signifies Saudi Arabia's commitment to diversifying its economy and catalyzing growth through strategic investments, adding that the comprehensive incentives program, including 30-year tax exemptions, showcases Saudi Arabia's determination to attract and support global investors in key sectors like manufacturing and technology.
