Saudi Arabia seeks to boost confidence in private sector, says Minister of Commerce

Photo of Majid Al-Qasabi, Saudi Minister of Commerce and Acting Minister of Media

Saudi Arabia is working to boost the confidence in the private sector by involving private companies in the Kingdom’s mega projects, such as NEOM, Red Sea Project, Qiddiya, Amaala, and others, said Minister of Commerce and Acting Minister of Media Majid Al-Qasabi.

The Kingdom is currently going through a transformation phase, and it is developing legislations and regulations on digitalizing measures to enhance competitiveness, Al-Qasabi said.

The private sector is a key partner in the development process and it represents a means for providing job opportunities for nationals, he added.

Al-Qasabi’s statement came during a conference held today, June 22, in the Eastern Region to discuss the challenges facing the business sector and to improve the region’s competitiveness, according to the Ministry’s Twitter account.

The minister also indicated that the New Companies Law encourages venture capitals, and further protects the investor rights in family businesses. Additionally, it will play a significant role in the business sector.