Saudi Arabia to continue with reforms, enhance investment environment: Al-Falih

Minister of Investment Khalid Al-Falih

Saudi Arabia is pursuing reforms and development in all fields, Saudi Press Agency reported, citing Minister of Investment Khalid Al-Falih.

The Saudi government's decision to not contract any foreign company or commercial entity without regional headquarters in the Kingdom will boost the investment climate, expand the business portfolio of international companies, localize expertise and enhance the local content, the minister added.

“Saudi Arabia enjoys an appealing investment climate amid competitive privileges offered for local as well as international investors,” Al-Falih said.

The minister said Crown Prince Mohammed bin Salman’s recently announced plans to approve a set of new draft laws complement the Kingdom’s reforms package, enhancing the country’s position as a global investment hub.

He also highlighted several factors that would encourage international firms to relocate to Saudi Arabia, including the Kingdom’s well-established position within the region and globally, the G20 presidency, the country’s strong economy, attractive investment opportunities, and its robust purchasing power, which accounts for 40-80% of the revenues of international companies in the GCC region.

“The Kingdom plans to soon launch a national investment strategy, together with a number of special economic zones to boost investment environment,” he noted.

Saudi Arabia’s government announced it will not contract any foreign company or commercial entity that does not have its regional headquarters in the Kingdom, starting from Jan. 1, 2024, Argaam reported.