Prime Highlights: 

The Kingdom has approved the creation of the Saudi Investment Marketing Authority to enhance the country’s global investment appeal. 

The authority will focus on attracting both international and local investments, promoting Saudi Arabia’s competitive advantages and available incentives. 

The authority aims to boost foreign direct investment (FDI), local investment opportunities, job creation, innovation, and knowledge transfer. 

Key Background: 

Saudi Arabia has officially approved the establishment of the Saudi Investment Marketing Authority, a strategic initiative aimed at strengthening the Kingdom’s attractiveness to global investors. The decision, endorsed during a Cabinet meeting led by Crown Prince Mohammed bin Salman, marks a significant step in advancing Saudi Arabia’s economic objectives. 

Minister of Investment Khalid Al-Falih expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for their pivotal role in the approval, emphasizing that the establishment of the new authority is integral to the Kingdom’s ongoing efforts to enhance its investment landscape. He highlighted that this initiative aligns with the objectives of Vision 2030, particularly in diversifying the economy, bolstering global competitiveness, and fostering a sustainable economic environment. 

The Saudi Investment Marketing Authority will be tasked with promoting investment opportunities both within Saudi Arabia and internationally, ensuring a coordinated effort across various sectors. By leveraging cutting-edge technologies, market analysis, and global partnerships, the authority will spotlight Saudi Arabia’s competitive advantages, including its strategic location, business-friendly regulations, and world-class infrastructure. 

This move also reflects the Kingdom’s determination to expand its foreign direct investment (FDI) base, following a strong performance in 2023, where FDI exceeded its targets by 16%. Saudi Arabia ranked as the second-fastest growing G20 economy in FDI inflows and saw substantial investments in its financial markets, as well as the establishment of over 500 foreign company headquarters.