Promoting FDI into Saudi Arabia

The Saudi economy is undergoing dramatic and positive changes, making it an attractive investment destination that provides rich opportunities in various sectors, exceptional resources, enhanced market conditions and pro-business regulations.

The Saudi government has made huge efforts to make it clear that the Kingdom is open for business and wants the world to be involved in the multibillion-dollar transformation underway as part of the Vision 2030 strategy.

The Kingdom has climbed the rankings of international competitiveness and ease of doing business. Foreign direct investment (FDI) inflows increased by 127 percent in 2018, and the number of companies entering Saudi Arabia rose by 70 percent year-on-year in the first quarter of 2019.

Since 2016, the government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

Moreover, the government has introduced several initiatives that act as an international platform for expert-led debate between global leaders, investors and innovators. Last week, the Saudi-Japan Vision 2030 Business Forum took place in Tokyo, and focused on creating investment opportunities in strategic sectors in the Kingdom.

Bringing together experts from many fields demonstrates how Saudi Arabia is becoming more and more pivotal in the global economy beyond oil. As the only G20 member from the Middle East and North Africa, and with an economy that surpassed $782 billion last year, Saudi Arabia represents a tremendous opportunity for investors from around the world.

Recognizing the importance of such initiatives, for more than a decade BMG Financial Group has been organizing an economic forum in the UK as a platform for Saudi and international experts to interact, share experiences and promote investment opportunities available in the Kingdom. The forum plays a crucial role in highlighting Saudi Arabia’s distinctive competitive position. This year, it will be held on July 9 at the London Stock Exchange.

These forums support the Saudi government’s plans to attract more business to the Kingdom, with the opening up of new sectors to foreign investment, the privatization of large parts of the state-dominated economy, and giga-projects underway such as NEOM city, the Red Sea Resort, Al-Qiddiya, and the world-class wellness resort Amaala.

Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group.

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point-of-view