Logistics, tourism sectors offer new investment opportunities: minister

Saudi Arabia's market is witnessing a correction and investors should tap into new promising sectors such as logistics, mining, tourism, entertainment, Umrah and pilgrimage services, said Majid Al Qasabi, Minister of Commerce and Investment.

Public companies are promoting key sectors to boost investor confidence and encourage private sector investments, he told Rotana Khalijia TV on Monday.

The Kingdom has earlier allocated SAR 200 billion worth of stimulus package to the private sector.

For foreign workers, a new proposal for reviewing expat fees will be submitted soon to the Council of Economic and Development Affairs, Qasabi said, expecting the results to be revealed within a month.

Saudi Arabia will keep its policy of imposing fees on foreign workers, but is open to reconsidering them if there is a need, he added.

Al Qasabi also denied that expat fees were the only reason behind shop closures, noting that shops were impacted by economic recession and the strong emergence of e-commerce.

Meanwhile, Saudi Arabia is also studying to aggravate commercial fraud penalties while the Ministry of Commerce is reviewing laws to combat commercial concealment, he added.

“The commercial franchising law and the anti-concealment national program, which governs financial transactions and stores, will also help clamp down on concealment across the Kingdom,” Qasabi said.

The Kingdom is also set to soon issue the e-commerce regulations to protect consumers, he concluded.