Saudi Arabia Establishes New Authorities to Support the Investment, Development System

Saudi Arabia Establishes New Authorities to Support the Investment, Development System

Saudi Arabia continued exerting efforts to attract investments and expand the local development project, announcing the establishment of two independent bodies to promote investment and another for roads.

The Saudi cabinet approved the establishment of the Saudi Investment Promotion Authority (SIPA) to achieve cooperation among various parties and support all business and services related to investment marketing. It will also manage the unified national identity to market investments and attract them to the Kingdom.

The cabinet also issued a decision to establish the Public Authority for Roads.

Experts stressed to Asharq Al-Awsat the importance of establishing the new authority to focus on marketing investment, accelerating businesses, and attracting capital following the state's plans to reflect positively on the national economy.

They believe the authority will achieve the National Investment Strategy (NIS) objectives laid out by Crown Prince Mohammed bin Salman.

Supporting the System

Investment Minister Khalid al-Falih said that SIPA "will be a strong supporter of the investment system in its quest to achieve the objectives of the National Investment Strategy by attracting and developing national and foreign investments."

The minister continued that the cabinet's decision would enhance all activities and services related to investment promotion and further boost partnerships between local and foreign investors.

"The establishment of