Kingdom’s ambitions make it the ‘right place to invest’
Saudi Arabia now treats foreign and local investors exactly the same, says minister of industry and mineral resources
As Saudi Arabia works on a strategy to attract SR260 billion ($69 billion) of investment in the country’s non-oil sectors, there cannot be any distinction between foreign and local investments, the Kingdom’s minister of industry and mineral resources said on Wednesday.
“Today, our policy in Saudi Arabia is to treat international investors as Saudis, and therefore we don’t see the distinction between the two,” Bandar Ibrahim Alkhorayef told Arab News on the sidelines of the Future Investment Initiative forum in Riyadh.
“When we looked at the number, the amount of investments that are needed for the strategy, we tried to avoid splitting it between FDI (foreign direct investment) and local.”
Alkhorayef said FDI efforts will focus on global players in the Kingdom, including those with facilities around the globe and, in particular, those offering products in sectors that fall within the strategy’s focus — especially artificial intelligence technology.
“We are definitely sure that Saudi Arabia will be the right place for them for their next investment,” said Alkhorayef.
“And also for companies that offer added-value manufacturing products in the areas we are focusing on, such as downstream petrochemical or minerals, and in sectors that are important to us, such as pharmaceuticals, military equipment and so on.
“Finally, in regards to our plan for advanced manufacturing and automation and AI, we see FDI coming in.”
Since the launch of its Vision 2030 development and reforms agenda in 2016, the Kingdom has been working hard to diversify its economy to reduce its dependence on hydrocarbons and embrace a variety of new sectors, including high-tech industries.
During a press conference at the FII summit earlier in the day,
Alkhorayef said the investment strategy will help the value of non-oil Saudi exports reach SR170 billion by 2030, and SR230 billion by 2035.
He added that the Kingdom aims to increase its exports five-fold by 2035, thereby positioning itself as an attractive target for international firms and investors.
Our policy in Saudi Arabia is to treat international investors as Saudis.
Bandar Ibrahim Alkhorayef
Minister of Industry and Mineral Resources