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KSA: Govt E-Platform Aims to Attract Foreign Investment Companies

KSA: Govt E-Platform Aims to Attract Foreign Investment Companies

Tuesday, 23 February, 2021 - 12:15

Saudi Minister of Investment Khalid Al-Falih said that more efforts would be exerted to attract investment opportunities, announcing the imminent launching of a new dedicated e-platform that would help foreign investors find the best opportunities in the Kingdom.


During an interview with “Frankly Speaking” program broadcast by the Saudi Arab News newspaper, Falih said hundreds of opportunities would be soon available on the Invest Saudi online portal “for investors to evaluate and take to the next level of execution.”


He added that the Kingdom was creating a suitable environment for high-quality international experts to choose Saudi Arabia to be their home where they can even retire, and not only to be their workplace.


Falih noted that a government decision to limit contracting to the companies that move their regional headquarters to the Kingdom would not affect the private sector, adding that the government would facilitate all procedures that help these establishments develop their business in the future.


The Saudi government had announced the suspension of contracting with any foreign commercial company or establishment that has a regional headquarters in a country other than the Kingdom, starting 2024. This includes bodies, institutions, and funds affiliated with the government or any of its bodies.


The Kingdom noted that this approach was consistent with the strategic goals of Riyadh 2030, but would not affect the ability of any investor to enter the Saudi market or continue to deal with the private sector.


Twenty-four global companies signed agreements to establish major regional offices in the Saudi capital - a step that would contribute to doubling the size of the economy, achieving major leaps in job generation, improving the quality of life, and expanding investments so that Riyadh become among the 10 largest city economies in the world by 2030.


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