Saudi Arabia sets up new ‘Saudi Investment Promotion Authority’

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia
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Saudi Arabia has established the ‘Saudi Investment Promotion Authority’ (SIPA) in order to boost regional and international investments in the Kingdom’s public and private sectors.

His Excellency Khalid Al-Falih, Minister of Investment for Saudi Arabia (MISA), expressed his gratitude for the Council of Ministers’ decision to officially launch the new Saudi Investment Promotion Authority.

The Saudi minister said that the agency will enhance all activities and services related to investment promotion and further boost partnerships between local and foreign investors. “The establishment of SIPA would also bring about an integrated approach to investment between government agencies,” Mr. Al-Falih added.

As per the reports, “Attracting foreign investment is a key part of Saudi Arabia’s “Vision 2030” plan to transform the top oil exporter’s economy and cut reliance on hydrocarbon revenues.”

The launch was directed by King Salman bin Abdulaziz and HRH Crown Prince Mohammed bin Salman, President of the Council of Economic and Development Affairs (CEDA), to facilitate local and international investment opportunities through all leading fields in the Kingdom.

The Saudi investment minister noted that the establishment of SIPA will enable an integrated approach to investment between government agencies.

“The launch of SIPA is made possible by the Kingdom’s first National Investment Strategy which seeks to unleash the potential of the Kingdom’s strong market fundamentals and the breadth and depth of opportunities created by Vision 2030. The strategy aims to increase investment to 30 percent of GDP, and catalyze the growth of emerging sectors in the economy,” Mr. Al-Falih further added.

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