Saudi Arabia intends to focus on attracting foreign capital and boosting partnership projects as part of an ambitious strategy to become a key global investment hub, the Gulf Kingdom’s Investment Minister has said. 

Khalid Al-Fatih said these targets are outlined in the country’s National Investment Strategy announced by Riyadh in late 2021 within its “Vision2030” economic diversification scheme aimed at reducing reliance on volatile oil export earnings. 

“The Kingdom has devised a clear roadmap within that Strategy with the aim of turning our country into an investment power and a global business centre,” Fatih wrote in a report issued by the Ministry on Tuesday on investment activity in 2021. 

“This roadmap is based on inviting local and foreign investors to exploit the vast opportunities in the Kingdom, tap the country’s economic and business potential, strengthen its competitiveness and widen its openness,” Fatih said in the report, published by the Saudi Aliqtisadia daily on Wednesday. 

He said the plan also focuses on widening public-private sector partnership programmes, accelerating “priority investment deals” by providing new incentives to investors, and upgrading services to domestic and foreign businessmen. 

His figures showed permits issued by Saudi Arabia for foreign projects jumped by 347 percent to 3386 permits in the second half of 2021 compared with the same period in 2020. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)