Investment opportunities in Saudi Arabia before the launch of the National Investment Strategy (NIS) reached nearly 200. Today, almost 1,600 opportunities are available in different quality sectors across all Kingdom under 40 initiatives and four key themes, Deputy Minister for Economic Affairs and Investment Studies, Saad Alshahrani, told the state-owned SPA.
NIS embodies the Kingdom’s commitment to diversifying economy and driving growth through strategic investments. Saudi Arabia’s incentive program, including the 30-year tax breaks demonstrate the Kingdom’s determination on attracting and supporting global investors in key sectors, such as manufacturing and technology.
Before Saudi Vision 2030, economy was largely reliant on oil. Driven by the need for diversification, Saudi Arabia is committed to transforming its economy to become more productive, including the manufacturing, technology, tourism, sports, entertainment, artificial intelligence, construction, real estate, petrochemicals, etc.
Alshahrani added that development in local investments is a key driver for the Saudi economy. The economic performance of the GCC and Middle East region has attracted more foreign investments, he indicated, citing the significant growth in both local and foreign investments achieved by the Kingdom in the last three years.
He pointed out that fixed capital formation achieved growth of 29% in 2022, and both foreign investment balance and foreign investment inflows grew by 16% and 20%, respectively, during the same year. There are expectations for further growth in investment indicators in 2023. Additionally, the issuance of investment licenses has recently flourished, with approximately 9,000 licenses issued in 2023, compared to nearly 400 licenses earlier.
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