Saudi Arabia Makes Another Play For Foreign Capital, Launching Inward Investment Agency

Saudi Arabia Makes Another Play For Foreign Capital, Launching Inward Investment Agency

Saudi investment minister Khalid al-Falih (right) speaks to the US senior advisor for energy ... [+] security Amos Hochstein during an investment event in Jeddah, Saudi Arabia on July 16, 2022. (Photo: AMER HILABI/AFP via Getty Images) The government of Saudi Arabia is making another bid to attract more international investors, by setting up a dedicated agency to try and turn around its underwhelming record on attracting inward investment. On August 2, the cabinet agreed to set up the Saudi Investment Promotion Authority, which will be headed by investment minister Khalid Bin Abdulaziz Al-Falih. Al-Falih said in a statement that the new body would enable an integrated approach between government agencies to encourage more investment and support partnerships between local and foreign investors. Foreign investment is a critical part of the plans set out by crown prince Mohammed Bin Salman to transform the Saudi economy. His Vision 2030 programme aims to wean the country off its dependence on oil and gas revenues, but the high oil prices of this year have underlined just how integral hydrocarbons still are to its economic prospects. The economy grew by 11. 8% in the second quarter of this year, it's highest level for more