Saudi Arabia: SAGIA to Become an Independent Ministry

Saudi Arabia: SAGIA to Become an Independent Ministry
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Saudi Arabia: SAGIA to Become an Independent Ministry

Saudi Arabia: SAGIA to Become an Independent Ministry

Transforming the Saudi General Investment Authority (SAGIA) into an independent ministry represents a fundamental shift in the national economy.

Such a move would diversify production and attract qualitative investments, according to an economist and member of the Saudi Shura Council.

Saudi Arabia announced Tuesday that SAGIA will become the Ministry of Investment, led by former Energy Minister Khalid al-Falih.

Shura member Saeed al-Sheikh told Asharq Al-Awsat that the decision to convert SAGIA into a ministry is important, strategic, and in line with the directions of Vision 2030. It will give the Authority additional powers enjoyed by ministries to increase its effectiveness in attracting local and international investments.

Sheikh believes that there is an urgent need for horizontal diversification in light of the information boom and the fourth industrial revolution, pointing out that transforming the authority into a ministry aims to attract more qualitative investments that achieve high added value and also create job opportunities. 

In addition, the investment sector will be separated from the Ministry of Commerce in a step that confirms the seriousness of the Saudi objective to diversify the economy, involve the private sector in development, and attract more investments that add value to the national economy.

The step also comes within the framework of promoting the government’s performance and pushing it to achieve the goals and initiatives of Vision 2030.

Vision 2030 is based on three axes: A prosperous economy, an ambitious state, and a vibrant society, in order for Saudi Arabia to be a pioneer in investment.

SAGIA sought to attract and enable qualitative investments for sustainable development, as the authority worked to monitor and evaluate the performance of investments and overcome difficulties faced by investors. It has carried out studies, and presented and proposed implementation plans with a view to promoting investments within Saudi Arabia.



World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
TT

World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup.

But 2024's climate talks are more like the World Chess Federation finals, lacking the recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear with their countries responsible for more than 70% of 2023's heat-trapping gases.

Biggest polluters and strongest economies China and the United States aren't sending their No. 1s. The four most populous nations with more than 42% of all the world's population aren't having leaders speak.

“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”

On Tuesday, Azerbaijan’s president Ilham Aliyev, United Kingdom’s Prime Minister Keir Starmer and Türkiye's President Recep Tayyip Erdogan are the headliners of among the nearly 50 leaders set to speak.

But there'll be a strong showing expected from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at the COP29 conference.