The cabinet this week gave the green light for the formation of the new investment council at the instructions of King Salman bin Abdul Aziz within a drive to expand the private sector’s role in the domestic economy as per Vision 2030 economic diversification scheme.
Detailing the functions of the Council, Umm Al-Qura newspaper, the Kingdom’s official gazette, said it would work to “promote institutional collaboration between the public and private sectors without infringing on the responsibilities of relevant departments.”
“The Council will also study suggestions by the private sector and make recommendations to the Investment Ministry and identify obstacles and challenges facing the private sector in investing in the Kingdom and propose solutions.”
“Besides these functions, the Council will also evaluate efforts undertaken by government investment bodies and make proposals to the Investment Ministry.”
The report said the Council can hire global expert houses to support its functions and form sub-committees to follow up its recommendations and solutions.
According to the report, the Council will be headquartered in the capital Riyadh and headed by the Investment Minister, who will be aided by representatives from the Public Investment Fund, the National Development Fund, the Trade Ministry, the Chambers Federation and the National Centre for Family Establishments.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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