Saudi Industry Minister provides more opportunities to the investors in the region for economic growth. The main focus of the Kingdom is diversifying the economy, fostering competitiveness and innovation, and capitalizing on the industrial sector of Saudi Arabia. Saudi Industry Minister announces the Investment Incentives to fuel entrepreneurship, industrial development, and driving growth in the country.
Delve into Numbers
The Kingdom of Saudi Arabia put efforts into increasing its Foreign Direct Investment (FDI). Additionally, The Ministry of Investment of Saudi Arabia similarly has mineral resources ready to invest up to 75% in the Industrial Sector. Trade between the two Gulf regions came to normal during the year 2021 after the boycott in the year 2017.
The figures boosted annually, in the year 2022 moreover, it was 2.1 billion Qatari riyals and 3 billion which is $820 in 2023. Similarly, There were positive impacts of the visit to assist The Saudi exchange and support. A Memorandum of Understanding was signed between Saufi EXIM Bank and Qatar Development Bank.
Align with Vision 2030
Saudi Arabia amidst to achieve the target of $100 billion each year by the year 2030. According to the statistics of March 2023, the net inflow is just SAR46 billion which is 12.3 billion. Saudi government took the initiative to encourage investment by launching a mineral exploration incentive which is valued at $182 million.
Local investors as well as international Investors invited for the bidding in Saudi Arabia for the latest round which includes lead, zinc, silver, gold, and ore. In the vision 2030, mining is the priority industry in Saudi Arabia for growth. The mineral wealth of the Kingdom is $ 2.5 trillion estimated by the government. Moreover, it is based on an exploration of the mineral region of the Kingdom almost about 30%. The Kingdom also aims to attract tourists to the region.
The Investment Incentive which the industry minister announces aims to boost the country’s economy by attracting foreign funding and investors. It is important to achieve the enlisted targets of the Saudi Vision 2030.