40% of Saudi partnership in foreign investments

A panel discussion in progress at the Makkah Economic Forum 2019 on Sunday. — Okaz photo

MAKKAH - Ibrahim Al-Omar, governor of Saudi Arabian General Investment Authority (SAGIA), Saudi participation in foreign investments in the Kingdom is more than 40 percent.

Addressing the second day session of the Makkah Economic Forum 2019 on Sunday, he said SAGIA’s thrust is on attracting investment whether it is from local or foreign investors.

He noted that it is the domestic investors who are mainly instrumental in attracting foreign investors.

Al-Omar said the memorandum of understanding signed by SAGIA and the Makkah region emirate on Saturday is a positive step toward attracting more investments into the Makkah region.

Speaking to reporters on the sidelines of the Makkah Economic Forum 2019, SAGIA chief said the MoU comes within the efforts of SAGIA, in coordination with the government and private sectors, including the Makkah emirate, to improve the investment environment and facilitate the procedures for attracting domestic and foreign investors.

This also aims to exploit the economic advantages enjoyed by our country to attract qualitative investments through marketing promising investment opportunities in various sectors locally and internationally, through the platform “Invest in Saudi Arabia.”

Al-Omar said SAGIA is keen to tap the huge investment potential and many advantages of Makkah, notably the Haj and Umrah sector, which is one of the pivotal areas of realizing the Kingdom’s Vision 2030, in addition to Makkah’s geographical location.