The minister highlighted a tenfold increase in international investment licenses in the Kingdom
Saudi Arabia’s Minister of Investment Khalid Al-Falih recently announced that over 350 international investors have obtained licenses to establish their regional headquarters in Saudi Arabia, with the majority of them choosing Riyadh as their base.
Speaking at the Human Capacity Initiative conference in Riyadh, Al-Falih highlighted the Kingdom’s appeal as a future regional headquarters for many investors. He mentioned that a meeting was held with several international investors who have successfully obtained the necessary licenses.
Al-Falih disclosed that the number of business licenses for international investments in Saudi Arabia has increased significantly from 3,000 at the beginning of the vision to 30,000. He emphasized the Kingdom’s commitment to creating favorable conditions for investors to enhance their skills, foster innovation and entrepreneurship, and contribute to the growth of the private sector.
Skilled workforce and future-ready skills
The minister explained that investors have expressed their desire for a skilled workforce capable of meeting present needs while adapting to future skills. They also seek advanced research institutions, quality education, strong international partnerships, and a productive and efficient system, all in one place. Al-Falih pointed out that these desired attributes can be seen in well-established institutions in the Kingdom such as Saudi Aramco, SABIC, banking and financial institutions, and major projects like NEOM.
Vision 2030: A comprehensive transformation for Saudi Arabia
Additionally, Al-Falih described Vision 2030 as the most comprehensive transformation in the history of Saudi Arabia. He stated that the Kingdom is transitioning and developing its economy into a green economy, improving the business environment, and enhancing international competitiveness. By the end of the decade, the economy aims to be two and a half times larger than its pre-Vision 2030 size. The private sector’s contribution to the economy is expected to increase from 40 percent to over 65 percent, with its size growing fourfold.
Saudi Arabia’s $3 trillion investment goal
The minister projected that Saudi Arabia will attract more than $3 trillion in investments to the economy during this decade alone. A significant portion of these investments will be directed towards emerging economic sectors such as the digital economy, tourism, financial and professional services, healthcare, and agriculture, which present substantial opportunities for developing human capital.
Harnessing the power of new technologies
Moreover, Al-Falih stressed that the world is undergoing radical structural transformations driven by digitalization, automation, supply chain changes, and new technologies. He underscored the need to prepare for a future with diverse possibilities and greater flexibility to adapt to variables, as this will determine the distinction between winners and losers.
According to Al-Falih, capital flows to where the greatest opportunities lie, and today, human capabilities are being strengthened and developed to an unprecedented extent. He underscored that skills are paramount, surpassing the importance of infrastructure and natural resources, and emphasized that the most valuable resource is the human element.
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