Ministry of Investment is the competent authority and the main reference in the Kingdom of Saudi Arabia for regulating and developing both local and foreign investments, working towards enhancing investment components, promoting investment activities, and safeguarding the interests of investors. Established in 2020.
the Ministry operates under the regulations set forth in 2021, which state that the Minister of Investment is appointed by a Royal Order. The Minister holds the utmost responsibility within the Ministry and also serves as a member of the Council of Ministers. The main headquarters of the Ministry of Investment is located in the capital city of Riyadh. Additionally, it has several regional relationship centers strategically situated in cities like Riyadh, Jeddah, Dammam, al-Jubail, and al-Madinah al-Munawwarah. Furthermore, the Ministry maintains international offices abroad to cater to the needs of global investors.
Tasks of Ministry of Investment
The Ministry's role encompasses various aspects, including formulating the national investment strategy, overseeing its implementation, establishing general policies to foster investment development and improve the investment environment, and enhancing competitiveness. It is also responsible for issuing investment licenses, defining indicators to measure investment performance within the Kingdom, developing measurement mechanisms, developing executive plans and rules to prepare investment in the Kingdom and elevate its competitiveness, attracting foreign investments to Saudi Arabia, and establishing an investment database and indicators. Moreover, the Ministry supports Saudi investments abroad while tackling any challenges that may arise, aiming to position the Kingdom as a premier global investment destination.
The Ministry of Investment offers advisory services to companies to secure solutions for their business needs and implements them by leveraging a cumulative wealth of global knowledge and expertise. It coordinates with relevant government authorities to enable the ministry to carry out its tasks and represent the Kingdom or participate in its representation at organizations, bodies, forums, and regional and international conferences related to the ministry's responsibilities. This includes negotiations with strategic investors, designing investment incentives, concluding relevant agreements, conducting studies and research, and collaborating with specialized entities in investment affairs.
Ministry of Investment and development of the investment environment in Saudi Arabia
The Ministry of Investment seeks to enhance the investment environment in Saudi Arabia, identify and develop investment opportunities, facilitate access to these opportunities for investors, and attract foreign investments by showcasing promising prospects in various sectors, including agriculture and food industries, energy, chemicals, real estate, information and communication technology, financial services, healthcare and life sciences, environmental services, transportation and logistics, mining and minerals, manufacturing and industry, pharmaceuticals and biotechnology, tourism and quality of life, aviation and defense, and human capital and innovation.
Ministry of Investment initiatives
To enhance its performance, the Ministry has launched a series of initiatives aimed at stimulating investment within the Kingdom. These initiatives include:
- Invest Saudi Initiative: A platform for all government entities to promote Saudi Arabia as a leading investment destination.
- Tayseer Initiative, now known as the National Competitiveness Center, systematically studies and analyzes obstacles and challenges faced by both the public and private sectors.
- Meras Initiative: A Saudi Business Center program that helps investors and business owners learn about the steps and procedures to start a business in the Kingdom.
The Ministry of Investment also oversees several national strategies, programs, and government institutions, including:
- National Investment Strategy, which is a critical driver in achieving the goals outlined in Saudi Vision 2030. This strategy aims to contribute to the growth and diversification of the national economy.
- Regional Headquarters Program, which is a collaborative effort between the Ministry of Investment and the Royal Commission for Riyadh City. The program aims to encourage global companies to establish their regional headquarters in Saudi Arabia.
- Saudi Investment Promotion Authority, which focuses on integrating and coordinating various entities, improving investment marketing activities, promoting the Kingdom as an attractive investment destination, and managing a unified national identity for marketing and attracting investments in the Kingdom.
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