Riyadh Global Digital Health Summit Kicks Off Virtually

A digital roadmap to adopt the latest technologies (Asharq Al-Awsat)
A digital roadmap to adopt the latest technologies (Asharq Al-Awsat)
TT

Riyadh Global Digital Health Summit Kicks Off Virtually

A digital roadmap to adopt the latest technologies (Asharq Al-Awsat)
A digital roadmap to adopt the latest technologies (Asharq Al-Awsat)

Riyadh Global Digital Health Summit kicked off virtually on Tuesday and highlighted the need to set a roadmap for accelerating digital health innovations to fight the current and future pandemics.

The two-day summit, which is organized by the Ministry of National Guard’s Health Affairs Department and in collaboration with the Saudi Center for International Strategic Partnerships, is part of the G20 calendar under Saudi Arabia’s presidency.

It aims to promote the adoption of new technological solutions, improve quality and accessibility and reduce costs to counter the negative effects of the COVID-19 pandemic.

Specialized international institutions and academies and 32 international experts representing more than 110 countries have participated in the event.

Experts discussed means to combat pandemics, provide solutions to address them and devices for future prediction, stressing the need to work on providing high-quality, low-cost technical and technological solutions to the health and healthcare sectors.

The experts stressed the need to promote sustainable health remotely by following an approach that bolsters health policy and makes it more effective in fighting pandemics, along with epidemiology, epidemic addressing technology and forecast models.

World Health Organization (WHO) Assistant Director General for Antimicrobial Resistance Hanan Balkhi said Saudi Arabia has made appreciative efforts to place the digital health agenda on top of its priorities in its G20 leadership, promoting the health sector digitalization.

She pointed out that digital health has been effectively applied worldwide.

Dr. Bandar al-Knawy, CEO of the health affairs at the Ministry of the National Guard and summit president, for his part, explained in his opening speech the great effect of the success of the extraordinary summit meeting that was held in March.

He said member states expressed their commitment to work as part of a unified front to combat the COVID-19 pandemic, indicating the decision’s impact on global health and economic decision-makers.

Knawy pointed to the Kingdom’s abilities, initiatives and leadership despite the current circumstances.



Saudi Arabia Targets Bureaucracy to Attract Foreign Investment

The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
TT

Saudi Arabia Targets Bureaucracy to Attract Foreign Investment

The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia is making serious efforts to cut through the red tape that blocks foreign investment by continually updating its regulations.

The Saudi Ministry of Investment, for example, has announced new and streamlined investment rules designed to facilitate foreign investment in the Kingdom.

These updated regulations are part of an effort to attract more international investors by simplifying the investment process and creating a more favorable business environment.

The ministry emphasized that the revised rules will remove the need for numerous licenses and prior approvals, significantly cutting down on paperwork and reducing bureaucratic obstacles.

In addition, Saudi Arabia has recently launched an e-visa service for business visitors, known as the “Investor Visitor” visa. This service is available worldwide and is part of the Kingdom’s broader Vision 2030 plan, which seeks to attract more global investors, improve the investment environment, and facilitate business operations.

Saudi Arabia has also introduced a new investor business residency program for those interested in investing in the Kingdom. The program provides residency for investors and their families, including parents, spouses, and children. Benefits include no fees for expatriates and dependents, family visit visas, and the ability to conduct business and own property.

In December 2023, the Ministry of Investment, along with the Ministry of Finance and the Zakat, Tax, and Customs Authority, rolled out a 30-year tax incentive package. The initiative aims to attract global companies to set up their regional headquarters in Saudi Arabia by simplifying the process and offering appealing benefits.

The program, a collaboration between the Ministry of Investment and the Royal Commission for Riyadh City, aims to make Saudi Arabia the top choice for regional headquarters in the Middle East and North Africa by providing various benefits and support services.

Saudi Arabia has unveiled a 30-year tax exemption for companies setting up regional headquarters in the country. This includes a 0% tax rate on income and withholding taxes for approved activities. The benefits will be available from the date the regional headquarters license is issued.

Moreover, Saudi Arabia updated its investment system in August 2024, which will take effect in early 2025. This reform aims to attract global investments, improve the investment environment, support economic diversification, and create jobs in line with Vision 2030.

The new system, approved by the Cabinet and part of the National Investment Strategy launched by Prince Mohammed bin Salman, Crown Prince and Prime Minister, aims to attract over $100 billion in foreign direct investment annually by 2030.

Key changes include enhanced investor rights, better protection of intellectual property, and streamlined procedures.

The system replaces the old investment license with a simplified registration process, providing more protection and flexibility for investors. It treats local and foreign investors equally and aims to resolve disputes efficiently.

The National Investment Strategy, launched in October 2021, supports the goals of Vision 2030. These goals include increasing private sector GDP contribution to 65%, boosting foreign direct investment to 5.7% of GDP, raising non-oil exports to 50% of non-oil GDP, reducing unemployment to 7%, and improving Saudi Arabia’s position in global competitiveness rankings.