The Saudi Ministry of Investment and King Abdullah Economic City (KAEC) signed on Sunday a memorandum of understanding (MoU).
The MoU aims at bolstering mutual efforts to attract qualitative investments while marketing investment opportunities and advantages provided by KAEC due to its capabilities and advanced infrastructure.
Under the MoU, the two bodies shall attract investments in several sectors through which the KAEC contributes to achieving objectives of the Kingdom’s Vision 2030.
These include the services sector, which comprises healthcare, public health, education, technology, aviation, tourism, hospitality, sports, entertainment, media, and commercial transactions, as well as the industry sector, which consists of pharmaceutical industries, consumer goods, renewable energy, light, and logistics industries and car manufacturing and construction materials.
Undersecretary for Attracting and Developing Investment in Charge at the Ministry of Investment Dr. Yousef al-Olayan said the Kingdom has been undergoing a fundamental economic transformation and is enjoying promising investment opportunities and a strong economy.
He said KAEC has been chosen for its preparedness and the attractive competitive investment environment it enjoys, as well as the components and advanced infrastructure that qualify it to be a leading investment destination and a catalyst for investors inside the Kingdom and abroad.
One of KAEC’s qualifications, which attract investments, is its strategic location on the Red Sea as a major advanced destination and a hub to link Asia, Europe, and Africa.
Olayan pointed out that the Ministry will include KAEC to participate in local and international exhibitions and forums and special visits under the umbrella of “Invest in Saudi Arabia.”
KAEC CEO Ahmed Ibrahim Linjawy hailed the Ministry’s efforts in attracting qualitative investments to the Kingdom and diversifying sources of economic growth.
He said that signing the MoU affirms the economic city’s position as one of the most important development projects and the leading investment destination on the Red Sea.
