Khalid Al-Falih, Minister of Investment
Saudi Cabinet’s approval of the Ministry of Investment law will boost competitiveness and help diversify investment opportunities, Saudi Press Agency reported, citing minister Khalid Al-Falih.
“The new law will attract local and foreign investors to inject their funds in all economic sectors and will further support the investments of the Saudi private sector entities abroad,” he added.
The new regulation, which replaces the previous law regulating the Saudi Arabian General Investment Authority (SAGIA), will increase cooperation between government and non-government entities and will enable the ministry to achieve its goals, including increasing local and foreign investments’ contribution to the gross domestic product (GDP), diversifying sources of income and providing more job opportunities, in line with Saudi Vision 2030, the minister noted.
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