Al-Mudaifer says Saudi Arabia witnessed significant rise in FDI in 2021

Khalid Al-Mudaifer, Vice Minister for Mining Affairs at Ministry of Industry and Mineral Resources

Foreign direct investment (FDI) is a very important factor for global economic growth, as this year witnessed a significant increase in the volume of FDI in Saudi Arabia, according to Khalid Al-Mudaifer, Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources.

Political stability, existence of a suitable market for business, and appropriate legislation are among the important factors for attracting FDI in any country, Al-Mudaifer said during a panel discussion on the second day at the fifth edition of the Future Investment Initiative.

He stressed on the need to support the participation of the private sector, and local and global partnerships.

Vision 2030 created a competitive environment for investment, as Saudi Arabia updated and changed legislative frameworks in cooperation with relevant authorities, including the new Mining Law.

Al-Mudaifer pointed out that the ministry received more than 600 requests for mining exploration licenses, highlighting that these extend to 60 years.