The investment strategy places the Kingdom among the top 10 in global competitiveness

Experts and economists agreed on the national investment strategy launched by His Highness the Crown Prince yesterday, which supports economic diversification plans and Vision 2030 in increasing investments and Emiratisation rates. Prince Mohammed bin Salman yesterday, stressing that it represents a giant economic shift, and a major step towards achieving the Kingdom’s Vision 2030.

They pointed out that the important initiatives carried out by the strategy will make Riyadh a global meeting point for supply chains in the world, which will contribute to enhancing food security, which will be remarkably reflected on the citizen, and contribute to improving the quality of life.

growth and prosperity

Businessman Nayef Saleh Al-Rajhi said: The national investment strategy represents a new stage and an economic movement that heralds a brilliant future, and opens doors for the private sector to produce, grow and flourish in various sectors with the aim of achieving sustainable economic diversification away from oil.

Roadmap for qualitative investment

The Chairman of the Board of Directors of the Makkah Chamber, Hisham bin Muhammad Kaaki, affirmed that the national investment strategy proves that the Saudi economy is living in its brightest era. A road map for the future, noting that the investment strategy was born gigantic when it developed a comprehensive governance to oversee its implementation represented by the Supreme National Investment Committee chaired by the Crown Prince, and placed on top of its priorities the approval of incentives for quality investments and the inventory and development of investment opportunities. He pointed out that the major initiatives included in the strategy pave the way for a major economic shift through the establishment of special economic zones with competitive regulations and attractive incentives for investments in priority sectors and a program for transferring strategic supply chains to the Kingdom and acquiring a share of the market in its components, which will contribute to securing the future of food for future generations. In light of the high prices and the crises the world is witnessing in this regard, he noted that the plan includes new financing initiatives for the private sector to enhance capital formation and launch the “Invest in Saudi” platform to be the official mediator for presenting and marketing investment opportunities.

investment opportunities

Researcher Mubarak Al-Ati reviewed the national investment strategy, noting that it revolves around empowering investors, developing and providing investment opportunities, providing financing solutions, enhancing competitiveness, and contributing to increasing the effectiveness of the partnership between the public sector and the private sector.

6 axes to implement the strategy

The Vice Chairman of the Board of Directors of the Makkah Al-Mukarramah Chamber, Marwan Shaaban, explained that the six axes of the national investment strategy include establishing comprehensive governance to oversee its implementation through the Supreme National Investment Committee chaired by the Crown Prince, approving incentives for qualitative investments, and inventorying and developing investment opportunities. It also includes a number of initiatives, including Establishment of special economic zones with competitive regulations and incentives that attract investments in priority sectors, and a program for transferring strategic supply chains and acquiring a market share in the components of supply chains. It also includes financing initiatives and developing the “Invest in Saudi” platform. He noted the growth in the national economy and diversification of its sources, which will achieve many of the goals of the Kingdom’s Vision 2030, including raising the private sector’s contribution to the gross domestic product to 65% and the Kingdom’s progression to one of the top ten positions in the global competitiveness index by the year.

The potential for economic diversification

At the outset, the President of the Federation of Saudi Chambers, Ajlan Al-Ajlan, said: The strategy that aims to pump nearly 27 trillion riyals until 2030 into the national economy is one of the most important possibilities for sustainable economic diversification, and will enhance all sectors and contribute to attracting more quality local and foreign investments to achieve the goals Vision 2030.

Private Sector Participation

Citizens agreed that this strategy confirms the proper planning carried out by our wise government for the sake of comprehensive development in various fields, pointing out that pumping these sums into the joints of the economy will undoubtedly contribute to positive returns on the national economy, and they called on businessmen to actively participate in promoting investments. In light of the facilities offered at various levels, small and medium-sized companies should have a role in this to support the market.

A shift in foreign investment

It is known that foreign investments have witnessed an unprecedented qualitative leap in the years thanks to various legislations and regulations in order to improve the investment climate and remove obstacles related to licensing and service delivery. Foreign direct investments amounted to nearly 6 billion riyals despite the cessation of activity and the repercussions of the Corona virus, and investment opportunities vary in at least 16 vital sectors, including industry, education, energy, transportation, sports and tourism, in line with Vision 2030, which targets one trillion riyals of annual revenues away from oil in 2030.

projects and liquidity

Businessman Munther Al Sheikh Mubarak described the ambitions of Crown Prince Mohammed bin Salman for the national economy as unlimited, in light of his aspiration to attract foreign investments estimated at 400 billion annually. Which means more projects, productive liquidity and jobs for young people.

Raising the contribution of foreign investment

In the opinion of the Vice Chairman of the Board of Directors of the Makkah Chamber, Nayef Al-Zaidi, the Saudi investment strategy will end the state of uncertainty that was controlling investments in a number of countries in the region, explaining that investors today can determine which direction the state will go in 10 years and any diversified economic base that will be available in non-oil sectors.

He pointed out that the Kingdom is a candidate to be a center for logistics business between the three continents, noting that the many incentives carried out by the strategy and its initiatives will make Riyadh an attractive area for global investments and promote foreign direct investment to reach 5.7% of GDP.

Increasing the percentage of non-oil exports from 16% to 50% of the total non-oil GDP, raising the contribution of the private sector in the GDP to 65%, and reducing the unemployment rate to 7%, which are the goals that the strategy promised to achieve during the next nine years.

stimulating investment

As for the Chairman of the Al-Makhwah Chamber of Commerce, Mashi Al-Omari, he said: The strategy aims to stimulate the investment sector and find distinctive and different investment opportunities to devote a solid economy through which we seek to achieve the 2030 vision of the nation.

Unprecedented investment volume in the region

For his part, the Secretary-General of the Makkah Chamber, Engineer Esmat Maatouk, said that the investments that will be pumped during 9 years, amounting to 27 trillion riyals, have not been witnessed in any region.

He expressed his hope for more facilities for investors in order to advance the country through a wide production base, noting the diversity of investment sources, which are divided into 5 trillion riyals from partner program initiatives and projects, 3 trillion riyals from the Public Investment Fund dedicated to local investments, and 4 trillion riyals from investments by national companies. Diverse and global.

The economy also receives another 10 trillion riyals from government spending through the state’s general budget during the next ten years, and another 5 trillion riyals from private consumption spending.

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