Riyadh: Saudi Arabia has announced a new national investment strategy in an effort to diversify its oil-dependent economy, with Riyadh setting a target of more than 100 100 billion in foreign investment annually.
According to Saudi Arabia’s state-run news agency, the Saudi Press Agency (SPA), Saudi Arabia’s de facto Crown Prince Mohammed bin Salman has unveiled a national investment strategy.
The strategy is part of Saudi Arabia’s Vision 2030, which aims to attract about 3 103 billion in foreign investment annually and increase domestic investment to 1. 1.7 billion by 2030.
According to Arab News, Saudi Arabia’s Vision 2030 was announced in 2016, with the aim of diversifying the economy of the world’s largest oil exporter.
What’s in the NIS?
Crown Prince Mohammed bin Salman, better known as KMBS, said today that Saudi Arabia was entering a new era of investment that would attract more and more investors from the kingdom and the international private sector. Will provide better opportunities.
He added that the new National Investment Strategy (NIS) will focus on comprehensive investment projects in various sectors including manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure and healthcare. Û”
“This strategy is a means to an end, and a testament to our confidence in our ability to achieve our goals and the aspirations of our great people,” said Prince Mohammed bin Salman.
According to the Crown Prince, the focus of the National Investment Strategy is on “Empowering Investors, Creating Investment Opportunities, Providing Financial Solutions and Increasing Competitiveness”. It will also help enhance partnerships between the public and private sectors.
Prince Mohammed explained that the kingdom’s key investment targets would be achieved through joint efforts and investments in Saudi Arabia in line with the strategies of various institutions such as the Public Investment Fund (PIF).
According to the SPA, special economic zones will be set up, competitive regulations will be drawn up and special incentives will be given to achieve the goals of the new national investment strategy. New financial solutions will be developed to attract investment to the private sector.
According to the SPA, the proportion of Saudi Arabia’s non-oil exports from the NIS will be increased from 16% of total non-oil GDP to 50%. It will also achieve the vision of reducing the unemployment rate to 7% and including the country in the top ten countries in the Global Competitiveness Index by 2030.
Saudi Arabia, the Arab world’s largest economy, is constantly trying to change its ultra-conservative image.
Since becoming the de facto leader of the kingdom in 2017, Crown Prince Muhammad bin Salman has announced a number of economic and social changes. These include allowing women to drive, opening cinema halls, allowing men and women to participate in music programs and other entertainment events.
Muhammad bin Salman, however, has continued to restrict freedom of expression. So far, several women activists, religious leaders and journalists, as well as members of the royal family who oppose MBS, have been arrested.
Other Gulf countries, especially the United Arab Emirates, have already implemented the kind of national investment strategy that Saudi Arabia has announced.