According to a senior official, Saudi Arabia’s recent initiative to create a new investment promotion agency – Saudi Investment Promotion Authority (SIPA) – would facilitate an integrated approach to investment amongst different government entities.
Minister of Investment Khalid bin Abdulaziz Al-Falih said that it will also increase all operations and services linked to investment promotion to facilitate partnerships between local and international companies.
The Saudi cabinet has approved the establishment of the investment promotion organisation.
The introduction of SIPA is consistent with the Kingdom’s first national investment plan, which intends to realize the full potential of its robust market conditions and the breadth and depth of the possibilities presented by Vision 2030.
The plan intends to expand investment to 30 percent of the country’s gross domestic product and stimulate the development of developing economic sectors.