Saudi Arabia plans to create special economic zones, which provide incentives to invest in sectors such as healthcare, manufacturing, and cloud computing.
Khalid Al-Falih, the Saudi Minister of Investment, announced that more details about the areas and hooves they provide will be announced once they receive final approval later this year or early next year. He added that officials are also ready to review taxes and fees and grant certain exemptions to enhance the country’s competitiveness.
Al-Falih considered that the investment in the Kingdom was “less than expected… We want to attract foreign capital, and return the Saudi capital, which did not find opportunities in the Kingdom earlier.”
The foreign investors that Saudi officials want to attract are those who will transfer technology and expertise to the Saudis, according to Al-Falih.
In turn, Sarah Al-Thari, Advisor to the Ministry, said that one of the areas of focus is health care, life sciences, and biotechnology, with the aim of transforming into a global destination for companies by providing research and development areas and manufacturing centers.
The International Monetary Fund: The growth of the Saudi non-oil economy will rise to 4.3% this year
Saudi Crown Prince Mohammed bin Salman is trying to turn the kingdom into a global business and investment hub as part of “Vision 2030” to diversify the economy away from oil.
On Monday, officials revealed a plan to boost foreign direct investment to 388 billion riyals ($103 billion) by 2030 from 5.5 billion dollars last year, while raising domestic investment to 1.7 trillion riyals.