Saudi Arabia to launch Investment Marketing Authority to fuel economic growth

06/03/2025 05:49 AST

The Kingdom has approved the creation of the Saudi Investment Marketing Authority, a pivotal move to boost the country's global investment attractiveness.

This decision was made during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman.

Investment Minister Khalid Al-Falih thanked King Salman and Crown Prince Mohammed bin Salman, describing the approval as a crucial milestone in fulfilling the authority's strategic goals.

"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 minister highlighted that this decision demonstrates the Saudi leadership's support to strengthen the investment ecosystem in the Kingdom, as reported by the Saudi Press Agency.

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

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

Furthermore, the authority will emphasize Saudi Arabia's ongoing transformation as it moves toward a more diversified and sustainable economy.

The minister pointed out that the authority will leverage modern technologies and advanced investment marketing strategies, incorporating deep market analysis, international partnerships, and digital platforms to attract global investors.

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

Al-Falih emphasized that the new authority will be essential in boosting foreign direct investment, enhancing local investment opportunities, and supporting Saudi investors.

He added that it will contribute to economic growth, job creation, innovation, and knowledge transfer, further solidifying the Kingdom's standing as a leading global investment destination.

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

The Kingdom has ranked as the second-fastest growing G20 economy in terms of FDI inflows and fourth globally in total foreign investment growth, with nearly SR900 billion invested, reflecting a 13 percent increase.

Foreign investors have directed over SR350 billion into Saudi financial markets, and more than 500 foreign companies have established their regional headquarters in the country.

Arab News