DUBAI: A panel in Davos was informed Thursday that Saudi Arabia is becoming a global trade hub thanks to astute logistical investments and business-friendly policies. Speaking during the annual gathering of the World Economic Forum at Saudi House were Ehab Aziz, chief financial officer of Agility, and Nouf Al-Fares, assistant deputy minister of the Saudi Ministry of Transport and Logistics Services.
The panel discussed the Kingdom’s ambitious investment and logistical goals, which are being partially achieved through international agreements. Al-Fares stated: “His Royal Highness Crown Prince Mohammed bin Salman announced a strategy in the middle of 2021. I initially found the need to generate SR1 trillion ($266 billion) in investments daunting, but because to a number of well-established projects like the Riyadh Metro and the recent harbour and airport expansions, we are already halfway there.
“A metro is currently being planned for Jeddah as well.” Al-Fares went on to say that the Kingdom’s changing foreign investment rules are also contributing to the growth boom. One of the most important policies in luring investment is the ability for foreign investors to claim 100 percent ownership of their Saudi-based companies. The assistant deputy minister stated that foreign businesses are realising the benefits of investing in Saudi Arabia. “Chinese businesses have already made investments totalling more than SR1 billion in the Saudi market, and more projects are on the horizon.”
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