Saudi Arabia revamped over 200 regulations to drive up FDI, says investment minister

Saudi Investment Minister Khalid Al-Falih speaks during the fourth edition of the Future Investment Initiative (FII) conference at the capital Riyadh's Ritz-Carlton hotel on January 27, 2021. (AFP)

• Al-Falih said digital infrastructure is more important than physical infrastructure
• Regulating it is the ministry’s number one priority, he added

RIYADH: Saudi Arabia has revamped over half of the 400 foreign direct investment (FDI) regulations, as foreign investment rose in 2020 compared to 2019, said Minister of Investment Khalid bin Abdulaziz Al-Falih.
“We have performed better than most, and ultimately, investors trust a government that provides security to them and the population. Saudi Arabia handled it better than most, as investors want to trust governments that look after them. Saudi Arabia, through our leadership, has shown that,” he stated during the panel discussion at the Future Investment Initiative 2021.
Al-Falih noted that the Kingdom leapfrogged its position globally and many of the FDI indices, emphasizing the focus is now on tomorrow’s sectors and technology such as biotechnology, information, and logistics.
The minister pointed out that digital infrastructure is more important than physical infrastructure, therefore regulating it is the ministry’s number one priority.