Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy, called the National Investment Strategy, on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.
The new strategy also aims to increase local investments to 1.7 trillion riyals ($450 billion) annually by 2030, SPA said.
“Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations,” he said in the statement.
“We will continue to work towards a bright future, enhanced by a diversified and sustainable economy, and this strategy is one of the tributaries formed to achieve this.”
As part of the strategy, Saudi Arabia plans to offer “new incentives, revamp regulations and create special economic zones to attract more investment and convince multinationals to relocate their regional headquarters to the kingdom,” Bloomberg reports. The special zones will focus on “high-priority sectors” and offer “competitive regulations.”
