MINISTRY OF INVESTMENT OF SAUDI ARABIA LAUNCHES COVID-19 WEBINAR SERIES TO SUPPORT THE KINGDOM’S INVESTOR COMMUNITY

As part of continued efforts to ensure business continuity and support the Kingdom’s growing private sector during the COVID-19 pandemic, the Ministry of Investment of Saudi Arabia (MISA) has announced a series of webinars aimed at showcasing the range of cross-government support programs available to Saudi and international investors.

Held under the theme of “Business Continuity in Saudi Arabia”, the inaugural edition of the series was held on 23 April 2020. The first webinar brought together several government entities to highlight the specific services and economic relief accessible to businesses in priority sectors, outlining how to and where to go to obtain support.

Representatives from MISA’s Investors Services and COVID-19 Response Center (MCRC) teams, alongside entities such as Monshaat, the Saudi Arabian Monetary Authority (SAMA), and the Kafalah program, were among the speakers in attendance. Each provided a short overview of their major support schemes in operation before answering questions from participants.

Ibrahim Al-Suwail, Deputy for Investor Services at Saudi Arabia’s Minister of Investment said: “During these unprecedented times, the Ministry of Investment is committed to doing our duty to reassuring investors and being a source of consistent, transparent and up-to-date information as we commit to ensuring business continuity. This series of webinars is aimed at helping us to do just that in a unified way, connecting businesses from different sectors that are looking for assistance to our partners across the government who can meet their needs. Investors from abroad and at home are at the heart of Saudi Arabia’s ongoing transformation – this new initiative is indicative of our efforts to overcome the current challenges facing not just the Kingdom but the global business community. We are here to help businesses weather the storm.”

The launch of the series builds on the Ministry of Investment’s achievements in supporting Saudi Arabia’s investor community through the establishment of a dedicated COVID-19 Response Center (MCRC) early on during the pandemic. Set up to facilitate virtual government support services, ensure access to the Saudi market remains open, and advise businesses on the best ways to approach potential challenges, the MCRC has so far helped more than 2000 local and international investors to mitigate the negative impacts of COVID-19. In recognition of this, UNCTAD’s most recent IPA Observer report featured the MCRC as a front runner in global best practice for its assistance programs.

MISA also offers a business continuity playbook, which is available on its website along with a regularly updated database of frequently asked questions to help businesses quickly find answers to common questions, as well as stay up to date with the latest information on government services and support programs.

For any questions or concerns at this time, businesses are encouraged to get in touch with the MCRC through either WhatsApp (+9661120358880) or by email (InvestorCare@MISA.gov.sa). MISA representatives are also reachable through the Ministry’s social media channels.

Details of future webinars in the new series will be released closer to the time.