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Investment Strategy to Support Saudi Economy’s Competitiveness at Global Level

Investment Strategy to Support Saudi Economy’s Competitiveness at Global Level

Tuesday, 12 October, 2021 - 09:30
Saudi Crown Prince Mohammed Bin Salman smiles during a televised interview in Riyadh, Saudi Arabia, April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Saudi economic experts underlined the importance of the National Investment Strategy launched by Crown Prince Mohammed bin Salman on Monday, saying that it would contribute to raising the competitiveness of the Saudi economy globally, and would translate the capabilities and opportunities available in the Kingdom into a practical investment reality.

Member of the Trade and Investment Committee in the Shura Council, Dr. Faisal Al Fadel, said that the strategy had fundamental economic dimensions that support Saudi Vision 2030.

He noted that Saudi Arabia’s economy enjoyed abundant natural resources and a strategic location in the heart of the main trade routes between the three continents, in addition to the major economic reforms that are currently underway.

This diversity of resources and particular location attracts local and foreign investors, according to Fadel.

He added that the strategy would enhance the strength and position of the private sector at the regional and global levels, which would encourage foreign companies to support the growth of the sector to become a positive contributor to the domestic product.

Dr. Osama Al-Obaidi, consultant and professor of economic and international law at the Institute of Public Administration in Riyadh, said that Saudi Arabia enjoyed huge investment capabilities, adding that the strategy announced by the Crown Prince on Monday would seek to translate this great potential into practical actions.

According to Al-Obaidi, the strategy would contribute to increasing Saudi economic growth and diversifying its sources, which would help achieve the goals of Vision 2030.

He also pointed to the development of the legislative environment and the increase in investment opportunities offered to local and foreign investors.

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