RIYADH: As Saudi Arabia is working on a strategy to attract SR260 billion ($69 billion) worth of investment to the non-oil sector, there can’t be any distinction between foreign investments and local investments, said the Kingdom’s Minister of Industry and Mineral Resources.
Speaking to Arab News on the sidelines of the Future Investment Initiative in Riyadh on Oct. 26, Bandar Ibrahim Alkhorayef said: "Today, our policy in Saudi Arabia is to treat international investors as Saudis, and therefore, we don't see the distinction between the two."
"When we looked at the number, the amount of investments that are needed for the strategy, we tried to avoid splitting it between FDI (Foreign Direct Investment) and local," he added.
Alkhorayef noted that FDI would focus on global players in the Kingdom — who have different facilities around the globe, companies who offer value manufacturing products in sectors under the strategy's focus and artificial intelligence.
"We are definitely sure that Saudi Arabia will be the right place for them (FDI) for their next investment. And also for companies who offer added value manufacturing products in the areas we are focusing on, such as downstream petrochemical or minerals, and in sectors that are important to us like pharmaceuticals, military equipment, and so on. Finally, in regards to our plan for advanced manufacturing and automation, and AI (Artificial Intelligence), we see FDI coming in," the minister said.
While speaking earlier at a press conference at the FII summit, Alkhorayef said the investment strategy will help Saudi Arabia’s non-oil exports hit SR170 billion by 2030, and SR230 billion by 2035.
The minister noted that the Kingdom aims to increase its exports five-fold by 2035, thus placing the country as an ideal global hub that attracts international players.
