In the presence of more than 72 countries and representatives of major international companies, the Global Innovation Summit and the Federation of Competitiveness Councils meeting opened recently 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.

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05Government entity supports investment environment

At the opening, the Governor of the General Investment Authority 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 working on that will come into existence at the beginning of the new year.

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Othman emphasized the incentives offered by the Kingdom to investors, noting that they are competitive at the regional level, whether in procedures or the provision of services, land and energy at competitive prices. He pointed out that there are incentives for less developed regions, and 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.

Al-Othman said 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.

Promoting corporate governance culture

In a paper presented by Alfaisal University President Dr. Mohammed Al Hayaza, he praised the decision to allow foreign investment companies to invest directly in the Saudi stock market and to allow retail and wholesale companies wholly owned by foreign capital to enter the Saudi market, without requiring them to have a Saudi partner as before to make the Kingdom an important economic center in the Middle East, stressing that its presence in the G20 is a global recognition of its importance in the global economy.

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During the session, Dr. Al Hayaza expected more initiatives during the next decade, and indicated that the new corporate governance index that we celebrate today is the fruit of the partnership between Al Faisal University and the General Authority for Investment, which was developed to promote the culture of corporate governance in companies, in line with the movement and development undertaken by the relevant authorities to provide an attractive investment climate and stimulate investment in the stock market and enhance its competitiveness at the local and international levels.

Dr. Al Hayaza said that the new corporate governance index is the result of the partnership between Al Faisal University and the General Authority for Investment.

Center for Corporate Governance Research

Alfaisal University President noted that with the new Corporate Governance Research Center expected to open soon at Alfaisal University, Alfaisal University hopes that the center will become a hub for corporate governance in Saudi Arabia and the entire region. In addition to conducting corporate governance research, the center aims to spread the culture of corporate governance among corporate managers and officials.

In addition to conducting corporate governance research, the center aims to spread the culture of corporate governance among corporate managers and officials.

8.03 Million people with high purchasing power

In the same vein, SAGIA is working 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 healthcare sector, which will be spent over the next ten years to encourage new ideas and promote the culture of entrepreneurship within the Kingdom, especially as we enjoy a market of 30.8 million people with a large purchasing power.

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