JEDDAH, 4 June 2006 — The Saudi Arabian General Investment Authority (SAGIA) is establishing an Investment Competition Center in Riyadh to support its goal to make the Kingdom among the top ten targets for investment by 2010.
The center would be based in Riyadh. The opening date has yet to be announced.
The center would contain around 30 professional investment experts with a five-year SR120 million budget.
The focus of the center would be to promote foreign investment in the Kingdom by promoting programs, endorsing policies through quarterly reports, holding workshops for local industry and assisting foreign investors.
The center “would target around 300 industries,” said SAGIA’s Amjed Shacker.
Saudi Arabia ranked 38th in a list of the top country recipients of foreign investment in 2005, according to the World Trade Organization. The Kingdom ranks No. 1 in the Middle East and North Africa.
