<With the presence of more than 27 countries and representatives of major international companies, the Global Innovation Summit and the meeting of the Union of Competitiveness Councils opened yesterday in King Abdullah Economic City, amid the presence and interest of local and international investment power to learn about the latest developments of the Saudi economy and the incentives offered by the state to local and foreign investors. During the opening, the Governor of the General Authority for Investment (GAFI) and Chairman of the Board of Directors of the Economic Cities Authority, Engineer Abdullatif Al-Othman, revealed that a joint study involving more than 50 government agencies worked on developing specific recommendations to achieve a qualitative leap in the investment environment in the Kingdom, indicating that there are several regulations and projects that will come into existence at the beginning of the new year.

Othman ensured that a number of regulations and projects are being worked on. Al-Othman emphasized the incentives offered by the Kingdom to investors, noting that it is competitive at the regional level, whether in procedures or the provision of services, land and energy at competitive prices, and there are incentives for less developed regions, and the next period when we determine the new sectors that we will focus on, it is necessary to design incentives for them. He noted that there are many decisions that will be announced soon that send a message to the global business community that the Kingdom opens its doors to all business activities.

Othman noted that there are many decisions that will be announced soon, which sends a message to the global business community that the Kingdom opens its doors to all business activities. It is worth mentioning that SAGIA works in coordination with a number of ministries to stimulate annual spending plans to create opportunities for foreign investment. The Unified Investment Plan has allocated $140 billion for investment in the transportation sector and $180 billion for investment in the health care sector, which will be spent over the next ten years.

These allocations are scheduled to be spent over the next ten years.