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Saudi Arabia Seeks to Conclude Investment Protection Agreements with Several Countries

Saudi Arabia Seeks to Conclude Investment Protection Agreements with Several Countries

Friday, 25 March, 2022 - 07:15
The National Investment Strategy seeks to achieve the growth of the national economy and the diversification of its sources. (AFP)

The Saudi Ministry of Investment is updating the priorities of investment contracts, in accordance with specific technical standards, with the aim to expand and protect Saudi investments across the globe and enable companies to achieve their set goals.


According to official sources, the ministry has called on the Saudi private sector to identify the target countries, in order to set the framework for launching and protecting investments, in line with the Kingdom’s aspirations for the next stage.


Saudi Arabia had launched the National Investment Strategy, which is one of the main enablers to achieve the goals of Saudi Vision 2030.


The strategy seeks to achieve the growth of the national economy and the diversification of its sources, which will lead to raising the contribution of the private sector to the GDP to 65%, enhancing foreign direct investment to reach 5.7% of the GDP, increasing the percentage of non-oil exports from 16 to 50% of the total non-oil GDP, and reducing the unemployment rate to 7%.


When launching the strategy, Crown Prince Mohammed bin Salman said: “The Kingdom begins a new investment phase based on success in increasing quantitative and qualitative opportunities for Saudi and international investors, to empower the private sector and provide it with huge opportunities.”


He added: “There is no doubt that investment is one of the means that will help us achieve the ambitions and aspirations of the Kingdom’s Vision, including economic development, diversification and sustainability, technology transfer and localization, infrastructure development, as well as improving the quality of life, providing job opportunities, refining the skills of our human resources and enhancing their capabilities.”


The Crown Prince emphasized that the next phase of the National Investment Strategy would focus on developing detailed investment plans for sectors, such as industry, renewable energy, transport and logistics, tourism, digital infrastructure, and health care.


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