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Saudi Arabia has set a target of $100 billion annually in foreign investment

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Crown Prince Mohammed bin Salman launched the initiative.

Riyadh:

Saudi Arabia is looking to attract more than $100 billion of foreign investment annually under a national investment strategy announced on Monday as part of efforts to diversify its oil-dependent economy.

The strategy aims to increase annual foreign direct investment flows to 388 billion riyals ($103 billion) and increase annual domestic investment to 1.7 trillion riyals by 2030, the Saudi Press Agency said after the launch of the kingdom’s de facto ruler, Crown Prince Mohammed bin Salman. have hope. Initiative.

The SPA said it would be “a key enabler” of their Vision 2030 plan announced in 2016 to diversify the economy of the world’s largest oil exporter.

“Today, the kingdom is ushering in a new investment era, empowering Saudi and international private sector investors with more and better opportunities,” the SPA quoted Prince Mohammed as saying.

He added that “NIS will prepare comprehensive investment plans for sectors including manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure and health care,” the SPA said.

According to the SPA, its measures include setting up special economic zones with competitive rules and incentives, shifting strategic supply chains to the state and developing new financing solutions for the private sector to boost capital formation.

The Arab world’s largest economy is trying to lose its reputation as an ultra-conservative nation with complex administrative processes and obsolete rules.

Since becoming de facto leader in 2017, Prince Mohammed has introduced sweeping economic and social changes, including allowing women to drive, reopening cinemas and allowing mixed-gender concerts and other entertainment options .

But at the same time, the prince launched a broad crackdown on freedom of dissent and expression, arresting female activists, clerics and journalists as well as members of the royal family.

Measures such as those announced on Monday have already been taken by other Gulf countries, notably the United Arab Emirates.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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