Riyadh Saudi Arabia News: In the second quarter of 2022, the Kingdom finalized 49 transactions for $925 million as the Arab world's biggest economy continues seeking new investors to shift away from crude oil.
High-tech manufacturing, building and property investment, information and communication technology, travel, leisure, and games were among the industries that inked agreements.
According to the Saudi Investment Ministry, the relocation would create 2,000 employment.
One of the significant investments was made through a partnership between the Saudi Ports Authority and DP World. Also, an agreement for $133.3 million was made for the development of a logistical park at Jeddah Islamic Port.
Similarly, MasterCard spearheaded a $37 million investment round for Saudi e-commerce firm HyperPay. This agreement will aid in the development of Saudi Arabia's online payment ecosystem.
Numerous different investments comprise a strong alliance with pharma powerhouse Novartis to strengthen Saudi Arabia's pharmaceutical and biotechnology functionality. An investment of $50 million was made into Saudi fintech Wahed by Aramco's Wa'ed Ventures and a deal by Ma'aden to construct the biggest energy steam plant around the world for the production of alumina from bauxite.
The Red Sea Development Company (TRSDC), which focuses on the hospitality industry, won contracts to build opulent resorts in May. Nevertheless, these agreements were noteworthy since they were made with major international companies in the hotel industry, The Ritz Carlton, Hyatt, and Rosewood.
As Saudi Arabia concentrates on developing new tourist projects, the most recent data indicates prospects within the Saudi Arabian tourism sector.
"A strong, appealing tourist product will evolve as a result of the connection between both the National Investment Strategy and the National Tourism Strategy," claimed Mr. Al Falih.
"Investors in the tourist sector are interested in Saudi Arabia's prospects even if the global tourism business is muted."
The Kingdom of Saudi Arabia's comprehensive national investment policy, Vision 2030, includes all these significant initiatives.
For Vision 2030 to be a triumph, private sector investment is essential. More precisely, Saudi Arabia wants the private sector's share of GDP to rise from 40% to 65%. But they also want to boost FDI's (foreign direct investment) share of GDP from 0.7% to 5.7%.
Thus, the 49 investment agreements Saudi Arabia completed in the second quarter of 2022 brought the country that much closer to achieving the objectives outlined in Vision 2030.