To foster an effective and practical partnership with the local and global private sector, the General Authority for Investment, with the support of the Ministry of Energy, Industry, and Mineral Resources, 13 memoranda of cooperation with a group of local and international investors in the paints and coatings sector, through which both parties aim to build a solid foundation for joint cooperation with the private sector and chart a roadmap for investment in this vital and important sector.

Investment Mechanisms in the Sector

The Paints and Coatings Investors Meeting, held recently at the Investment Authority’s headquarters in Riyadh, approved the establishment of the Saudi Paints and Coatings Investors Committee, which will contribute to numerous incentives for investors in the sector, including supporting investors in cross-border trade, enabling them to export and open new markets, working to identify specialized regions or cities with an attractive investment environment for the paints and coatings industry, facilitating the provision of shared-benefit services, establishing facilities developed by the private sector, and creating genuine investment opportunities in the paints and coatings industry that offer attractive returns and are competitive both domestically and internationally.

Discussions focused on investment mechanisms in the sector and its growth opportunities, as well as the mechanisms and initiatives put in place to overcome the current challenges facing investment in this sector.

Tasks of the Saudi Paints and Coatings Committee

The Saudi Paints and Coatings Investors Committee will work to submit proposals regarding the creation or amendment of relevant regulations or procedures to improve the business environment, and to coordinate efforts to enable investors in the sector to enhance the performance and efficiency of their industries, acting as a liaison between investors and relevant government agencies. The General Investment Authority will also serve as the committee’s project management office.

Engineer Ibrahim Al-Omar, Governor of the General Investment Authority, expressed his delight at the joint work with the Ministry of Energy, Industry, and Mineral Resources, which culminated in the signing of memoranda of cooperation, and spoke of the General Investment Authority’s aspirations to transform these into real investment opportunities in this vital and important sector.

Support from the Ministry of Energy, Industry

The Authority’s Governor highlighted the significant investment opportunities in the paints and coatings sector, adding, “Through the Saudi market, investors can gain direct access to more than 55 percent of the global paints and coatings market, which is valued at $140 billion, noting that this sector is growing rapidly not only in the Kingdom but also across the Middle East as a whole, North Africa, India, and elsewhere, with an annual growth rate of 5.5 percent, which is a very competitive rate.”

For his part, Engineer Khalid Al-Salem, head of the National Program for Industrial Clusters, expressed the support of the Ministry of Energy, Industry, and Mineral Resources for the Paints and Coatings Initiative, as well as for the Saudi Paints and Coatings Investors Committee, which was formed at the initiative of investors.