Saudi Arabia approves launch of Investment Marketing Authority to support growth in key sectors

The Saudi Arabian Cabinet, in a recent meeting, approved the establishment of an Investment Marketing Authority, marking a significant step in the country's efforts to attract more foreign direct investment and achieve economic diversification, moving away from its dependence on oil.

Following the approval of the Investment Marketing Authority, Investment Minister Khalid Al-Falih issued a statement expressing his gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the Cabinet's decision to approve the establishment of the new Saudi Investment Marketing Authority.

Al-Falih explained that the new Investment Marketing Authority will strengthen Saudi Arabia's investment environment and aims to consolidate the Kingdom's position as a world-class investment hub, aligning with the goals of "Vision 2030." The Saudi Investment Marketing Authority will work to promote the diversification of the national economy and enhance Saudi Arabia's competitiveness on the global stage, with its establishment also aligning with the objectives of the National Investment Strategy.

Al-Falih added that the authority will be responsible for promoting investment opportunities in various sectors, both domestically and internationally, within Saudi Arabia. It will collaborate with leading institutions across various industries to highlight the competitive advantages and incentives that the Kingdom offers to investors. The new Saudi Investment Marketing Authority will also adopt the latest technologies and strategies in the field of investment marketing, implementing plans and projects based on in-depth analysis of target markets to attract global investors and introduce them to the advantages of the Kingdom's business environment.

Al-Falih further added that the authority will focus on promoting promising and high-quality investment opportunities in strategic sectors such as technology, industry, tourism, transportation, logistics, renewable energy, health, education, and real estate development. He emphasized that the authority will contribute to stimulating foreign direct investment inflows, promoting domestic investment, and supporting domestic investors. This, in turn, will support Saudi Arabia's economic growth, provide high-quality job opportunities, and promote innovation and knowledge transfer, thereby positively impacting the Kingdom's sustainable development and economic competitiveness.