A general view of Riyadh City.
The Ministry of Investment of Saudi Arabia (MISA) reported the signing of a range of new investment deals in diverse sectors such as advanced manufacturing, construction and real estate, ICT, tourism, entertainment and sports, highlighting the success of the National Investment Strategy in attracting investment inflows to Saudi Arabia.
Buoyed by the ambitious objectives of the National Investment Strategy, the quarter saw the signing of 49 major investment deals worth at least $925 million and set to create about 2,000 new jobs. Some of the major deals include a $133.3 million agreement between the Saudi Ports Authority and DP World to build a logistics park at Jeddah Islamic Port and a $37 million funding round led by global finance giant Mastercard into Saudi e-commerce firm HyperPay to expand the Kingdom’s digital payment ecosystem.
Other investments reported by MISA are a strategic agreement with pharmaceutical multinational Novartis to grow Saudi Arabia’s biopharmaceutical capabilities, a $50 million investment by Aramco’s Wa’ed Ventures into Saudi fintech Wahed and a deal by Ma’aden to build the world’s largest solar-powered steam plant to be used to refine bauxite into alumina. Alongside covering these and other deals, MISA’s Investment Highlights report analyses macroeconomic indicators and highlights investment opportunities available to local and foreign investors.
Khalid Al-Falih, Minister of Investment, responded to the latest investment deals and figures by highlighting the impact of governmental plans: “The National Investment Strategy is a catalyst to deliver on our Vision 2030 national objectives of seeing the private sector contribute 65% to GDP and growing foreign direct investment to 5.7% of GDP. Despite global headwinds, we are seeing strong interest from global investors in diverse industries to partner with Saudi Arabia .”
The Q2 edition dedicates a special section to opportunities within Saudi Arabia’s rapidly growing tourism industry and the ambitions of the National Tourism Strategy. Al-Falih added, “The synergies between the National Investment Strategy and the National Tourism Strategy will see the development of a strong, attractive tourism product. While the global tourism industry remains subdued, tourism industry investors are showing strong interest in the potential of Saudi Arabia.”