Al-Falih: SR27 trillion not all investment spending, 12 trillion investment, 10 trillion govt spending in 10 years

Five economic zones will be established, including Tasweer a part of King Abdullah Economic City in Rabigh, and offering special incentives, including an exception to some legislation that is compatible with international agreements, Saudi Investment Minister Khalid bin Abdulaziz Al-Falih said.

He added that: “SR27 trillion are not all investment spending, as the investment is 12 trillion riyals, in addition to 10 trillion government spending during the next ten years.”

He also said that: “We are confident of attracting foreign investments, as we see countries attract hundreds of billions annually, and we are confident in the appropriate investment regulatory environment, and we will be in compliance with any international agreements.”

The economic zones had challenges, but there are also cities that have succeeded, such as King Abdullah Economic City in Rabigh, and there will be a customs exchange zone. The city of Jizan has been affiliated to Aramco and has factories. Now there is a Chinese company starting to establish a petrochemical plant, he explained.

He emphasized that the National Investment Strategy was not the strategy of the Ministry of Investment but a strategy for all ministries and bodies.

He added that “we target SR6.4 trillion of gross domestic product for Saudi Arabia by the end of 2030. The first 5 years of the 2030 journey were full of preparing legislation, revamping other, reforming the legislative environment and establishing institutions to raise the investment level of the Kingdom.”

The Minister described the 10 trillion government spending over 10 years as a conservative figure.

He indicated that 24 companies, including large companies, have registered in a partner program so far, which is the program that seeks to pump SR5 trillion by 2030.

He also revealed that new funds will be established, including the Infrastructure Fund, under the umbrella of the National Development Fund, and international funds will be attracted.

“There is a higher investment committee headed by the Crown Prince, another sub-committee to identify opportunities, and a third sub-committee, which is the Incentives Committee to be presented to investors 2030.” the minister concluded.