KSA: Saudi Arabia experienced an extraordinary surge in its investment sector during 2022, with a remarkable growth rate of 31%. This historic milestone witnessed the total investment surpassing SR1 trillion ($266.6 million).
Minister of Investment, Eng. Khalid Al-Falih disclosed this record growth during his keynote speech at the Saudi Special Economic Zones Investment Forum on Monday, 28th May. He highlighted the nation’s successful transition into a favoured investment destination, attracting substantial foreign capital inflows.
Moreover, Al-Falih emphasized the private sector’s pivotal role in leading investment activities within Saudi Arabia. He noted that the Kingdom exceeded both its planned and anticipated economic and developmental goals.
The minister underscored the exceptional advantages provided by the “Regional Headquarters Program,” facilitating international companies in establishing their regional headquarters for the Middle East and North Africa region, specifically in Riyadh, Saudi Arabia.
Additionally, Al-Falih outlined the Kingdom’s ambitious vision to elevate the renewable energy contribution by 50% within the energy sector. This drive positions Saudi Arabia as a pioneer in investing in eco-friendly industrial foundations, including electric vehicle manufacturing and hydrogen production.
The launch of the special economic zones in 2013 epitomized Saudi Arabia’s unwavering commitment to creating opportunities for global businesses.
“Our objective is to position the Kingdom among the world’s leading economic powers,” Al-Falih affirmed. The special economic zones and the industrial logistical program serve as the cornerstone of investment in Saudi Arabia.
Further, Al-Falih commended the growth of the non-oil sector, which reached a commendable 5.5% in 2021 and maintained the same momentum in 2022. He also highlighted the increase in employment rates and the decrease in unemployment rates.
Strategy for International Businesses
KSA has undertaken numerous giga-projects, attracting substantial investments in sectors such as NEOM, the Red Sea Project, electric vehicles, and green initiatives. The Kingdom’s commitment extends to direct investments in technical and technological fields.
Furthermore, the minister highlighted the strategic positioning of the special economic zones near seaports and airports, enabling investors to forge partnerships and foster innovation.
This strategy further enhances Saudi Arabia’s appeal to international companies and strengthens the nation’s capabilities in the non-oil sector.