Saudi investment ministry to set up 2 agencies to facilitate investors

DAMMAM — Minister of Investment Eng. Khalid Al-Falih said that the ministry intends to establish two agencies with a specialized portal to offer investment opportunities and facilitate investors.

“The agencies will place these opportunities on “Invest in Saudi” portal, giving their details, specifying profit targets, and clarifying the relevant legislation,” he said while addressing an event organized by the Chamber of Commerce and Industry in the Eastern Province (Asharqiya).

Al-Falih explained that the ministry is seeking through such opportunities to reduce risks and share them appropriately between the government and the private sector. The minister expected that the number of opportunities that the platform will offer for each sector would be in thousands.

Saudi Arabia is currently preparing for the post-pandemic period, Al-Falih said, describing it as a transitional phase that offers excellent opportunities for public-private partnerships.

"The past five years have been a phase of reform and re-arrangement, and there will be countless investment opportunities coming. With the participatory work with the public and private sectors, we will be able to seize these opportunities and catch up with the goals of the Kingdom’s Vision 2030,” he added.

In his speech, Nabil Khoja, secretary-general of Economic Cities and Special Zones Authority, said that Saudi Arabia is currently planning to establish several economic zones over the coming five years, including the Ras Al-Khair Zone, which is expected to create 80,000 jobs, despite its small area, with the volume of investments reaching SR45 billion.

Khoja offered some incentives, related to legislation and regulations for these zones, such as customs exemptions on import and export, and some tax exemptions, in addition to enabling real estate ownership for foreigners without restrictions or with limited restrictions.




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