Rules Approved to Boost Efficiency of Saudi Investment Promotion Authority

The Kingdom approved the organization of the Saudi Investment Promotion Authority during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman.

Investment Minister Khalid Al-Falih described the move as a crucial milestone in fulfilling the authority’s strategic goals, adding that it demonstrates the government’s support for strengthening the investment ecosystem in the Kingdom, according to the Saudi Press Agency.

He also emphasized that the goals of the authority align with the Vision 2030 initiative, which aims to diversify the economy, enhance global competitiveness, and foster a sustainable economic environment.

“This approval marks a pivotal starting point for the authority to achieve its strategic objectives and enhance the Kingdom’s position as a distinguished destination for attracting and stimulating investment,” Al-Falih stated on X.

The authority is responsible for promoting investment opportunities both within Saudi Arabia and globally, as well as collaborating with relevant stakeholders across various sectors. It plays a vital role in highlighting the Kingdom’s competitive advantages and the incentives available to investors.

The minister noted that the authority will work to position Saudi Arabia as a premier investment hub, capitalizing on its strategic location, business-friendly regulations, and world-class infrastructure.

Saudi Arabia has experienced a significant rise in foreign direct investment, exceeding the National Investment Strategy’s 2023 target by 16 percent.