The Saudi Cabinet on Tuesday approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee.
Khalid Al-Falih, Minister of Investment, stressed that the organizational arrangements for the Supreme National Investment Committee and its subcommittees, the Committee for Inventory and Development of Investment Opportunities and the National Incentives Committee, represent an integrated system and reflect the leadership efforts to achieve the second pillar of Vision 2030.
He added that these integrated committees will be concerned with achieving the objectives of national investment policies and priorities, as well as overcoming the challenges facing investments and investors, especially the qualitative and strategic sectors.
“Such committees will be the national reference for everything related to investment,” he said.
Al-Falih added that approval of organizational arrangements confirms that Vision 2030 is moving ahead with achieving its objectives.
“This contributes to achieving a qualitative leap, which will reflect positively on all economic and development aspects, including the development, diversification and sustainability of the economy, as well as the transfer and localization of technology, support of the local content development, and improvement of the quality of life. This also contributes to promoting innovation, and providing more job opportunities,” the minister said.
Crown Prince Mohammed bin Salman had previously launched the National Investment Strategy (NIS) as a key enabler to deliver the objectives of Vision 2030.
The NIS will contribute to the growth and diversification of the Kingdom’s economy, which, in turn, will achieve many Vision 2030’s goals, including raising the private sector’s contribution to GDP to 65%; increasing the contribution of FDI to GDP to 5.7%; increasing the contribution of non-oil exports to GDP from 16% to 50%; reducing the unemployment rate to 7%; and positioning the Kingdom among the top ten economies in the Global Competitiveness Index; by 2030.
