Ministry of Investment Saudi Arabia has recently closed 49 crucial investment deals worth more than $925 million, pivoting the needle of its National Investment Strategy towards a green. In a statement released by the Ministry it was stated that the 49 deals, signed, pertain to the sectors of ICT, advanced manufacturing, construction and real estate, tourism and hospitality, entertainment and sports. This will create approximately 2000 more jobs in the market among diverse sectors.
Among the 49 deals, a major $ 133.3 million is generated from the MoU signed between the Saudi Ports Authority and DP World to build a new fully integrated smart logistics park in Jeddah Islamic Port. And another $ 37 million was invested by Mastercard – a global finance giant, into HyperPay- a payments services provider, to provide a complete suite of financial products that meet the evolving needs of its customers across all verticals.
Ministry of Investment, has also signed an agreement with pharmaceutical giants Novartis to expand Saudi Arabia’s biopharmaceutical market. Additionally, KSA has received a 50 million investment by Aramco’s Wa’ed Ventures and a deal by Ma’aden to build the world’s largest solar-powered plant to support the aluminum industry.
The prospect of this large investment volume pouring into the Kingdom’s economy will propel the private sector’s contribution to GDP by 65% and Foreign Direct Investment by 5.7%. Despite all the hiccups in the global perspective, KSA is steadily accelerating to meet the objectives of its Vision 2030 by capturing the interest of foreign financiers and capitalists.
Even IMF is convinced that the Saudi economy will outperform all global economies in terms of growth and market outlook this year.