Saudi Arabia plans to offer new incentives, revamp regulations and create special economic zones to attract more investment and convince multinationals to relocate their regional headquarters to the kingdom.
Crown Prince Mohammed bin Salman announced on Monday that the special zones will focus on “high-priority sectors” and offer “competitive regulations."
The Saudi crown prince wants to turn the conservative Islamic kingdom into an investment powerhouse and a global hub for business and talent as part of his Vision 2030 plan to diversify away from oil. The officials aim to increase domestic investment to 1.7 trillion riyals ($453 billion) per year and foreign direct investment to 388 billion riyals annually. That would represent a 19-fold increase from last year, when the kingdom attracted around $5.5 billion of FDI.
The strategy launched on Monday encompasses previously-announced plans for a total of 12 trillion riyals of investment in the Saudi economy through 2030. The strategy plans to boost competitiveness that involve “essential corrective actions for the legislative and regulatory environment”.
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