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Saudi Arabia sets up a new agency to promote investment

The new Saudi agency will help in developing national and foreign investment in the country

[Source photo: Anvita Gupta/Fast Company Middle East]

The Saudi Arabian government has announced that it has set up a new investment agency – Saudi Investment Marketing Authority, to help introduce $3 trillion in investment into the economy by 2030.

This new agency will look to prepare plans and programs in line with Saudi Arabia’s “Vision 2030” plan. Among the top tasks assigned to the agency is ensuring that the country becomes the leading oil exporter and reducing its reliance on hydrocarbon revenues.

Announcing the new initiative, 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, per the National Investment Strategy that aims to attract and develop national and foreign investments.”

The new investment agency will aim to bring $3 trillion into the domestic economy and $100 billion in foreign investment annually by the start of the new decade.

It will also help improve integration and synergy between government entities to achieve the targets and oversee the “Invest Saudi” brand and digital platform.

Among other things, Saudi Arabia is looking for new avenues to help reduce reliance on the oil sector and maximize its efforts and investment in industries like Green Hydrogen, renewable energy, IT, and more.

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