China and Saudi Arabia are building industrial and investment partnerships

Al-Shahrani: The Kingdom is among the top 10 countries in the world with confidence in foreign investment. Saudi Arabia and China are moving towards building industrial and investment partnerships. Al-Shahrani, speaking during the session at 10:00 PM. Dr. Al-Shahrani confirmed during the session that China represents a strategic investment partner for the Kingdom, indicating that the next stage is moving towards deepening mutual investments, strengthening industrial partnerships, and building value chains that serve the markets of the Kingdom, the region, and the world. He called on Chinese companies to take advantage of the opportunities provided by the Kingdom and in building the next generation of industries, indicating that the next chapter of the Saudi-Chinese investment partnership represents investment, construction, innovation, and growth together, stressing that the Kingdom represents an investment destination that combines stability and durability on the one hand, and opportunities and growth on the other hand.

Al-Shahrani reviewed the economic and investment transformations that the Kingdom has witnessed since the launch of Saudi Vision 2030, indicating that the size of the Saudi economy has doubled over the past decade, domestic investment measured by gross fixed capital formation has also doubled, and the private sector’s contribution to total domestic investment has doubled. He pointed out that the stock of foreign direct investment in the Kingdom has doubled, and its flows have increased by about 5-fold, while the number of foreign companies operating in the Kingdom has increased by more than 10-fold, in addition to the doubling of women in the labor market and the unemployment rate among Saudi citizens decreasing by 50 percent.

He explained that non-oil domestic investment now represents about 40 percent of non-oil gross domestic product, which places the Kingdom in second place among the G20 countries after China. He pointed out that the National Investment Strategy has exceeded its targets for domestic and foreign investment every year since its launch, while the Kingdom entered the list of the top 10 countries in the world in the Foreign Direct Investment Confidence Index. 3 100 percent government companies are nominated to manage the withdrawn vouchers until further notice. 5 hours ago “The Central Tenders” responded to the request for an oil award worth 117 million dinars. Dr. Al-Shahrani explained that investor confidence is not only reflected in the entry of new capital into the Kingdom, but is increasingly appearing in business expansion, reinvestment, and long-term investment commitments, stressing that the Kingdom does not wait for investment opportunities, but rather works to create them.

He explained that Saudi Vision 2030 was not limited to improving the investment environment, but rather contributed to creating new sectors, industries, and opportunities in the fields of tourism, mining, manufacturing, logistics, technology, the digital economy, and other emerging sectors, so that investments would transform from a result of growth into one of its main engines. He explained that the next stage focuses more on attracting the highest quality and most productive investments, and moving from measuring investment by its size only to measuring its economic impact, through its contribution to the gross domestic product, raising productivity, transferring technology and knowledge, providing quality jobs, opening new markets and promoting exports.