RIYADH — Minister of Investment Khalid Al-Falih said that the Council of Ministers’ decision to launch the Saudi Investment Promotion Authority (SIPA) would enhance all activities and services related to investment promotion and further boost partnerships between local and foreign investors. “The establishment of SIPA would also bring about an integrated approach to investment between government agencies,” he said.

Al-Falih thanked Custodian of the Two Holy Mosques King Salman and Crown Prince Mohammed bin Salman, deputy premier and minister of defense, for the Cabinet’s decision to launch SIPA.

“The launch of SIPA is made possible by the Kingdom’s first National Investment Strategy, which seeks to unleash the potential of the Kingdom’s strong market fundamentals and the breadth and depth of opportunities created by Vision 2030,” he said while noting that the strategy aims to increase investment to 30 percent of GDP, and catalyze the growth of emerging sectors in the economy. — SPA