Saudi Arabia takes ‘another historic step’ towards economic diversification: Al-Falih

Saudi Arabia has taken another historic step towards its goal of a diversified economy, Khalid Al-Falih, Minister of Investment, said. 

With the launch of the new National Investment Strategy (NIS) it was clear how the Kingdom will be transformed into an investment powerhouse and global hub for business and talent.  

It is a strategy that invites investors to seize the opportunities as Saudi Arabia unleashes its investment potential as part of Vision 2030 and enhances the economy’s openness and competitiveness. 

Some of the NIS programs build on, or enhance, initiatives already set in motion by Vision 2030 and its Vision Realization Programs. These include the expansion of our public-private-partnership agenda and the acceleration of our program of securing priority deals with both domestic and international investors.  

The positive trend in economic growth that began in Q2 2021 accelerated in second half of the year, with real gross domestic product (GDP) increasing by 7% in Q3 and 6.7% in Q4. This expansion was largely attributable to a oil and non-oil sectors, which grew by 10.9% and 5.1%, respectively.
 

A total of 3,386 licenses for new foreign investment were issued in the second half of the year, showing an annual increase of 347.9% compared to H2 2020.

According to the report, Saudi Arabia witnessed several reforms. The Museums Commission revealed plans in September to increase the number and type of museums in the Kingdom. A new $13 billion strategy was announced to turn Aseer region into global tourism destination.
 

Saudi Arabia also launched $700 million initiative to support sports. Saudi Film Commission announces strategy to develop cinema sector Saudi Arabia launches national music strategy to elevate the sector.