Foreign investors’ view of Saudi Arabia shifting: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources Bandar Alkhorayef said that the a radical shift has been witnessed in the way foreign investors and major corporations view Saudi Arabia.

What was once seen as mere ambition has now become a tangible reality, he added in an interview with CNBC Arabia.

Alkhorayef explained that companies are now actively discussing how to enter the Saudi market, as well as the sectors, products, and projects the Kingdom seeks to attract, pointing to strong interest and numerous requests from foreign firms.

He noted that there is significant demand from companies aiming either to gain substantial market share within the Kingdom or to use Saudi Arabia as a platform for regional expansion, given the wide range of investment opportunities available.

The Kingdom has proven itself to be one of the world’s most attractive destinations for mining investment in terms of ease of procedures and speed of licensing. Political and financial stability, along with growing demand in local and regional markets, has made Saudi Arabia a key destination that major companies are carefully considering as a base for starting their operations, according to Alkhorayef.

Moreover, the ministry is negotiating with global pharmaceutical companies to localize the industry in Saudi Arabia, said Alkhorayef, adding that notable successes have already been achieved in this sector.

The minister also highlighted the growth in the marketing of technology products outside the Kingdom, expressing confidence in the continued expansion of this sector. He noted that some technology services currently available in Saudi Arabia do not exist in other countries and have strong potential for export.