Saudi Investment Minister Khaled Al-Falih emphasized that the national economy has achieved a cumulative growth of 80% since the launch of Saudi Vision 2030, despite global challenges such as the Corona pandemic and other crises.

The private sector has become a pivotal partner in this growth, with its contribution to GDP rising from 40% in 2016 to 51% currently, with the goal of raising this contribution.

The private sector has become a pivotal partner in this growth, with its contribution to GDP rising from 40% in 2016 to 51% currently, with a target of 65% by 2030.

He pointed out that the private sector has become a pivotal partner in this growth, with its contribution to GDP rising from 40% in 2016 to 51% currently, with a target of 65% by 2030.

Opening the market to investors

During a meeting with private sector representatives in Riyadh, at an event organized by the Federation of Saudi Chambers, Al-Falih explained that the Ministry of Investment is working to enhance the openness of the market to local and international investors, by concluding investment protection agreements with a number of countries, thus opening the prospects of expansion for Saudi companies inside and outside the Kingdom.

The minister revealed that the number of international companies based in Riyadh is expected to increase to 700 companies by the end of this year, compared to the current 670 companies, an indication of the attractiveness of the Saudi business environment.

Signing a Memorandum of Understanding

The meeting witnessed the signing of a tripartite memorandum of understanding between the Ministry of Investment, the Federation of Saudi Chambers, and the Saudi Investment Marketing Authority, which aims to coordinate efforts between the public and private sectors to enhance economic and investment cooperation with countries around the world.

The meeting witnessed the signing of a memorandum of understanding.

The memorandum stipulates the formation of a joint working group to identify the challenges facing local and international investors and organize workshops and coordination meetings with the concerned authorities.

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The memorandum includes cooperation in the governance, development and marketing of investment opportunities, exchange of information and data on events and investors, in addition to enabling the private sector to participate in the development of policies and regulations.

The memorandum includes cooperation in the governance, development and marketing of investment opportunities.

The agreement also includes the areas of digital harmonization and electronic linking between the entities, and representing the Kingdom in economic forums at the local and international levels, thus enhancing its position as a global investment destination.