Investment Promotion Authority to help incentivize FDI inflows: Minister

Minister of Investment Khalid Al-Falih

Minister of Investment Khalid Al-Falih said that the Investment Promotion Authority (SIPA) will help incentivize foreign direct investment (FDI) inflows, boost national investments, and support national investors, which will spur economic growth.  

He said that the SIPA will provide quality job opportunities, as well as promote innovation and knowledge transfer, which will positively lead to sustainable development in the Kingdom and the competitiveness of its economy.

He added that the SIPA will adopt the latest technologies and strategies in investment marketing, through plans and programs based on in-depth analysis of target markets, and leverage international partnerships and digital platforms, state-run Saudi Press Agency reported.

Furthermore, the SIPA aims to reach out to global investors and introduce the advantages of the Kingdom's business environment, which include the unique strategic location, attractive regulatory environment, advanced infrastructure and proven capabilities of Saudi investors to enter into successful international partnerships.  

In addition, the authority will showcase promising and qualitative investment opportunities in strategic sectors such as technology, industry, tourism, transportation, logistics, renewable energy, healthcare, education and real estate development, Al-Falih said.

The minister also indicated that the SIPA's regulations will enable it to act as a key driver in enhancing national efforts to support the investment environment, pointing out that it will market investment opportunities, inside and outside the Kingdom, in various sectors, in cooperation and partnership with all relevant leading entities.

The SIPA will highlight the competitive advantages and incentives offered by the Kingdom, reflecting the qualitative transformation that the Kingdom is witnessing towards a more diversified and sustainable economy, Al-Falih said.

According to data available with Argaam, the Cabinet approved, on March 4, the SIPA's regulations.