JEDDAH, 2 June 2004 — The Saudi Arabian General Investment Authority (SAGIA) is working out a new five-year strategy that aims at making the Kingdom more investment-friendly and creating more jobs for Saudis, according to its Governor Amr Al-Dabbagh.
Al-Dabbagh, who recently signed a contract with an international consulting firm to develop the strategy and the working plan, said both would be ready by October this year.
“The new strategy aims at creating an attractive investment atmosphere in the Kingdom in order to make use of the country’s investment potential,” the governor said. Repatriation of Saudi funds abroad and ensuring a steady flow of foreign investment are other goals, he added.
The strategy will also focus on activating the private sector’s role in achieving these objectives, Al-Dabbagh said, adding it would support small- and medium-scale projects, where Saudis are most likely to find jobs.
The strategy will address investment issues in coordination with regional governorates and government agencies. An assessment of investment requirements in each region and sector will also be made to promote investment in these areas, he said.
The new strategy will be produced in light of comparative studies in other countries, the outcome of 15 workshops to discuss proposals and previous research. Al-Dabbagh emphasized SAGIA’s plan to expand its services to investors and update investment regulations.
The government established SAGIA in April 2000 as part of its efforts to promote Saudi Arabia as a destination for profitable investment, proactively seek inward investment, steady improvement in the investment climate and provides investor services.
