Saudi Minister of Investment Reveals the Volume of Investment Opportunities in the Kingdom
During the activities of the Saudi Investment Forum “Foras”, which aims to raise the request of investment in Saudi cities, stimulate local investments and attract foreign investments, the Saudi Minister of Investment, Khalid Al-Falih, revealed that the volume of investment opportunities in the Kingdom of Saudi Arabia have reached 12.4 billion Saudi riyals, and that a large percentage of these investments are within the cities of the Kingdom.
Al-Falih pointed out that the volume of investment opportunities in public utilities in the Kingdom is about 1.1 billion Saudi riyals, while the volume of investment opportunities in the transport sector in the Kingdom is 1.7 billion Saudi riyals. On the other hand, the volume of investment opportunities in the Saudi tourism sector amounted to 1.1 billion Saudi riyals, stating that a large percentage of investment opportunities will be within cities, and that there are 4 main axes of the national investment strategy.
He continued, “The Kingdom has moved in the past decades from a predominantly rural agriculture and grazing country to a country that is comparable to the best countries in the world in terms of major cities, and we are proud of what we have reached,” stating that the majority of the Kingdom’s economy still comes from oil, mining and industrial cities in Jubail and Yanbu. However, the productivity of cities is still behind compared to major industrial countries, and cities today are a crucible for the manufacture of the new economy based on individual productivity.
In conclusion, Al-Falih stressed that investment is the fuel that will transform the Kingdom’s cities from a residential area to economic engines that are comparable to the best cities in the world.