Ashraf Abo Arafe
The private sector in Saudi Arabia on a date with a huge leap in the development of the investment environment and improve the services provided to the business over the next five years, through the Kingdom’s implementation of 13 programs, and spend 980 billion riyals allocated for this purpose. This was announced by His Excellency the Governor of the General Authority for Investment Eng. Ibrahim Al-Omar at the Ministerial Conference held in Abha under the title “Investment Opportunities in Abha“, in cooperation with the Chamber of Commerce and Industry in the city.
Al-Omar explained that the Taysir Committee is following up the implementation of 400 recommendations to address the challenges faced by the private sector, stressing that the Kingdom is on the verge of a comprehensive renaissance in various sectors and fields, based on the vision of 2030, In gross product to 65%, by encouraging domestic and foreign investment in various sectors.
For his part, the Chairman of the Council of Saudi Chambers Dr. Sami Al-Obaidi pointed to the role of the Council in supporting local and foreign investment in order to contribute to the achievement of the development goals and its efforts in development and support investment in various regions of the Kingdom through cooperation with the Chambers of Commerce and Industry to launch a qualitative initiative aimed at Investment opportunities in these areas in cooperation with the relevant authorities and meetings with foreign ambassadors to stimulate and attract foreign investments in the Kingdom, in addition to overcoming obstacles facing local investors in cooperation with the government, support for local investment and marketing of national products.
The General Authority for Investment has recently taken several incentive measures to strengthen the domestic investment environment in order to attract foreign capital, including speeding up the issuance of licenses and allowing the foreign investor to invest and raise ownership in several sectors and increase the duration of licenses for foreign investment for five years renewable.
