RIYADH: Saudi Arabia’s Cabinet has announced the establishment of the Saudi Investment Marketing Authority as the Kingdom plans to inject more than SR12 trillion of investments in the economy by 2030.

It will also hold the responsibility of marketing and attracting investments to the Kingdom through preparing plans and programs, locally and internationally, the Saudi Press Agency reported.

The new authority aims to upgrade all business and services related to investment marketing and achieve cooperation between entities, according to the Ministry of Investment’s statement. 

Saudi Arabia’s Investment Minister Khalid Al-Falih wrote on Twitter: “The Saudi Investment Marketing Authority will be a strong driver for the investment system, in accordance with the National Investment Strategy that aims to lure and develop national and foreign investments.”

Commenting on the creation of the authority, Mohammed Alsuwayed, former head of vision realization office at the Ministry of Transport, told Arab News: “It’s important to increase the synergy needed to implement the ministry’s initiatives and achieve the vision goals.”

“The authority was needed to get other entities involved and (held) accountable.”

Under its newly launched National Investment Strategy, Saudi Arabia aims to attract more investments from abroad as it seeks to diversify its economy away from the oil sector.

In December, Al-Falih said the Kingdom was aiming to attract SR1.8 trillion in foreign investment over the next nine years.

The minister said Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.

The government has adopted a four-pillar strategy: Creating awareness of investments; empowering different types of investors, like PIF; boosting financing instruments; and  tackling regulatory issues to make sure the Kingdom is competitive.

Food and water security

With regards to foreign matters, the council approved an initial agreement between the government and Oman in the field of food and water security.

Additionally, it approved two agreements in the fields of employment between the Saudi Ministry of Human Resources and Social Development and Thailand’s Ministry of Labor.