Saudi Arabia to launch national investment strategy

VIENNA, June 22, 2018 (Xinhua) — Saudi Energy Minister Khalid Al-Falih (C) attends the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on June 22, 2018. The Organization of the Petroleum Exporting Countries member states agreed at a meeting here Friday to increase the oil production. (Xinhua/Liu Xiang/IANS)

Riyadh, Nov 22 (IANS) Saudi Arabia has announced that it will launch a national investment strategy next year, according to a state media report.

On Saturday, Saudi Minister of Investment Khalid Al-Falih revealed in Riyadh at a media briefing ahead of the Group of 20 (G20) Leaders’ Summit that the strategy grants full ownership rights to Saudi and foreign investors, Xinhua news agency quoted the report as saying.

Despite a global pandemic, Saudi Arabia was not distracted from its strategy and Vision 2030, he said.

“In fact, we doubled down on it. We accelerated our reforms. We continued to diversify our economy, and commit our resources to make sure that Vision 2030 is not derailed by the Covid-19,” the Minister added.

He said that the strategy would ensure an increase in investment opportunities and involves the establishments of industrial cities and various economic zones.

The strategy will cover different sectors, including tourism, culture, sports, industries, Artificial Intelligence, technologies and health.



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