The Saudi cabinet has launched a new Investment Promotion Agency, the Minister for Investment Khalid al-Falih has announced on twitter.
Writing in Arabic, al-Falih stated that the new agency will “be a strong supporter in achieving the goals of the national strategy for investment in attracting and developing foreign investment.”
This builds upon the Ministry of Investments Q2 report, which last week announced an increase of 9.5% in FDI inflows as compared with Q1 2021. Issuance of investment licenses have also increased, with 4,455 in Q2 2022 representing a jump of 673.4% when compared with Q2 2021.
The new agency is expected to work under the auspices of the Ministry of Investment (MISA), and as always, SBJBC can make information available to members as we receive it.
To read the Reuters article covering the launch of the new agency, follow the attached link.
