RIYADH: Saudi Arabia is positioned among the top 10 developing economies in the field of e-commerce, predicting a surge in total revenues to reach SR260 billion ($69.33 billion) by 2025, explained the commerce minister.
Highlighted during the Northern Border Investment Forum, titled “Northern Borders Region ... Promising Investment Opportunities,” on Nov. 25 in Arar, Majid Al-Kassabi revealed that the total orders in 2022 amounted to SR190 million, underscoring the growing momentum in the e-commerce sector.
To further support this trend, plans are underway to establish a logistics zone in Arar. Investors will be offered land plots and financing options of up to 20 years will be extended to exporters and beneficiaries in Saudi Arabia and Iraq.
Al-Kassabi stated: “The commercial registers in the Northern Borders region witnessed a growth of 32 percent during the period from 2018 to 2023, reaching a total of 15,442 commercial records.”
This surge indicates a booming business environment and increased interest in entrepreneurial ventures in the region.
In an effort to streamline investment processes, Al-Kassabi noted that “485 conditions and requirements were canceled across 18 sectors, introducing over 40 economic activities to develop investment opportunities in promising sectors. The container clearance time in ports has also been reduced to just two hours.”
Hosted by the Chamber of Commerce and Industry, the event was launched by Prince Faisal bin Khalid bin Sultan bin Abdulaziz, the governor of the Northern Borders region, in the presence of several ministers and government agencies.
In his address to the assembly, Prince Faisal emphasized the importance accorded to economic development by King Salman and Crown Prince Mohammed bin Salman.
He highlighted the forum’s focus on leveraging human potential in the Northern Border region, attracting talent, assets, and investments while providing opportunities for local citizens to the area.
Prince Faisal expressed his commitment to developing the private sector, collaborating with the Ministry of Trade, the Chamber of Commerce and Industry in Arar, and major companies to create an appealing investment environment aligned with the advantages of the region, particularly in mining, industry, entertainment, and tourism, in accordance with the overarching goals of Vision 2030
Emphasizing the importance of the city of Waad Al-Shamal, Prince Faisal urged companies in the region to contribute to economic, cultural, and social development by offering opportunities and attracting investors. He also stressed the role of social responsibility in enhancing the investment environment.
Announcing a monthly meeting for regional businessmen, Prince Faisal aims to address incentives, obstacles, and solutions with all relevant departments, fostering constructive cooperation for the region’s development. The initiative aims to boost productivity, create job opportunities, and elevate living standards.
The event included signing a cooperation agreement between the Public Authority for Small and Medium Enterprises and the Chamber of Commerce and Industry in Arar, focusing on exchanging information, data, studies, research, and reports related to entrepreneurship and SMEs.
This collaboration aims to make the sector a vital engine for economic development in alignment with the Kingdom’s 2030 vision.
Prince Faisal concluded the event by honoring sponsors, supporters, and founders of the Chamber of Commerce in Arar, emphasizing the collaborative efforts to enhance the economic landscape of the Northern Border region.
Focus on National Investment Strategy
Saudi Minister of Investment Khalid Al-Falih emphasized the pivotal role of the National Investment Strategy in realizing the objectives of Vision 2030.
While speaking at the forum, Al-Falih outlined the comprehensive reforms implemented in the legislative and regulatory system since the launch of Vision 2030, according to the Saudi Press Agency.
Participating in a session on “Future Investment Directions for the Northern Border Region,” Al-Falih elaborated on the National Investment Strategy’s general goal to enhance the quality and volume of investments in the Kingdom. This contributes to advancing economic development and diversification, aligning with the broader Vision 2030 goals.
Highlighting 40 executive initiatives, Al-Falih presented a roadmap that includes integrating the “Invest in Saudi Arabia” platform with local investment opportunities, establishing special economic zones with favorable regulations, and providing tailored services for major strategic investors, both domestic and international.
Al-Falih emphasized the numerous investment opportunities in competitive sectors, particularly in the Northern Border region. Ongoing projects in the area, exceeding SR80 billion, demonstrate the government’s commitment, efficient management, and cohesive coordination among ministries and agencies.
Drawing attention to a groundbreaking initiative, Al-Falih unveiled plans to double the Kingdom’s phosphate production capacity, positioning it as the world’s third-largest phosphate producer. This ambitious project, starting with Waad Al-Shamal, involves converting phosphate into advanced chemical products.
Underlining the Northern Border region’s potential for renewable energy production, Al-Falih highlighted the opportunity for electricity export to neighboring countries, such as Iraq, offering significantly lower costs.
Productive meetings on sidelines
In a series of meetings during the forum, Prince Faisal engaged with key figures, including Deputy Minister of Industry and Mineral Resources Khalid bin Saleh Al-Mudaifer and Chairman of the Saudi Chambers of Commerce Hassan Al-Huwaizi.
Discussions covered collaborative strategies for economic growth, investment opportunities, and partnerships to serve investors and promote business development.
The approach outlined in these announcements reinforces Saudi Arabia’s commitment to fostering a thriving digital economy and attracting diverse investments.
This year’s Northern Border Investment Forum in Arar aimed to enhance the economic system’s components and foster communication among government officials, businessmen and merchants as well as industrialists, investors, and the broader business community.
The objectives include encouraging investors to explore regional opportunities, achieving national investment strategic goals, showcasing economic potentials, improving investment quality, and enabling sustainable growth in the business sector.
The economic forum is set to create a secure and stimulating environment for private sector growth, providing opportunities, empowering investors, and offering financial and non-financial support and solutions.
