Khalid Al-Mudayfer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, revealed that foreign investment in the Kingdom increased by approximately $40 billion in the first quarter of 2021, emphasizing that foreign direct investment is a key driver of economic growth, as it helps create jobs, He made these remarks during the second session of Future Investment Initiative in its fifth edition, titled “How Can New Legal Policies Mobilize Turbine-Like Foreign Direct Investment?”
The Importance of Legislation
The session addressed the importance of legislation and laws for countries, as some countries have made changes and updates to their laws to attract foreign investment, given that foreign investment plays a pivotal role in the success of national economies, and that investments require reliability and tax incentives.
Empowering the Private Sector
Participants in the session emphasized the importance of involving the private sector to contribute to increased economic growth in countries and provide numerous job opportunities for young people, addressing concerns about climate change, reducing carbon emissions, and utilizing clean hydrogen and long-term energy and carbon storage; as these measures help attract investors and encourage them to establish businesses, while stressing the importance of countries" commitment to strictly enforcing laws, to gain the trust of foreign investors.
High-Quality Service Delivery
The speakers emphasized the need to draw on experiences and best practices in the business world, and explained that there is an urgent need for a specialized, professional, and high-quality entity to provide services to small and medium-sized enterprises, so that this entity can offer a wide range of consulting services for business establishment and development, and, praise be to God—by God’s grace—we have been able to establish such a specialized entity in this field.
346 billion riyals from the Riyadh Strategy
During the initiative’s events, experts highlighted the qualitative value of the announcement of the Riyadh Sustainability Strategy, which is expected to have a significant impact on liquidating frozen assets and injecting approximately 346 billion riyals (92 billion U.S. dollars), of which 150 billion riyals (40 billion dollars) will be used to incentivize the private sector to invest in green initiatives and projects in the city.
Speakers discussed a number of major projects that will contribute to enhancing Riyadh’s standing in terms of quality of life on a global scale, including the King Abdulaziz Public Transportation Project in Riyadh, King Salman Park, Green Riyadh, Riyadh Art, the Sports Corridor, and the Qiddiya Project. Sustainability is also an integral part of the Kingdom’s transformation, especially following the announcement of the Riyadh Sustainability Strategy on the sidelines of the Saudi Green Initiative Forum.
