Time: April 28, 2018
“The vision of Saudi Arabia has created the investment environment to attract local foreign partnerships in the fields of industries, technology and infrastructure through incentives to foreign investors,” said Loay al-Samarrai, a specialist in foreign investment.
Samarrai pointed out to regulatory, financial and tax incentives offered by the Saudi government, including increasing the license period for foreign investment to 5 renewable years, giving the investor the option of reducing the duration of the license, and flexibility in granting visas to investors and bringing in workers, as well as easy access to licenses.
According to Samarrai, the most attractive sectors for foreign investors in Saudi Arabia are transportation, technology, industry, education and healthcare.
He stressed the importance of keeping up with reforms and the development of human resources, which would become the main factor in the development of the foreign investment system in the Kingdom.
Ahmed Al-Fayfi, a specialist in digitization, told Asharq Al-Awsat that investing in digitization would support the success of the Kingdom Vision 2030 and play a vital role in economic growth. This would help place the country on the list of the world’s 10 most competitive economies.
Fafi expected the coming period to witness huge investments by international companies in Saudi Arabia.
“Vision 2030 and its programs aim primarily at creating an investment environment geared to attract foreign companies, build vital partnerships, and expand business endeavors,” said Dr. Abdul Rahman Baashen, head of Al Shorouk Center for Economic Studies in Jizan.
He predicted that the growth rate of foreign investment in all its forms will increase to more than 12 percent by 2020.