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Wednesday, Sep 28, 2022

49 investment pacts worth over $925 million clinched during Q2 of 2022

49 investment pacts worth over $925 million clinched during Q2 of 2022

The Ministry of Investment has announced the signing of 49 investment deals in several sectors worth more than $925 million during the second quarter of 2022.
The ministry indicated that the deals that were signed were in the sectors of advanced industries, information and communications technology, construction and building, in addition to real estate activities, tourism, entertainment, and sports.

The deals that were signed are expected to create about 2,000 new job opportunities, the ministry said.

In its statement, the ministry clarified details of the deals that were signed. These include the signing of an agreement worth $133.3 million between the Saudi Ports Authority (Mawani) and DP World, UAE, to establish a modern logistics zone in Jeddah Islamic Port.

Meanwhile, a $37 million deal was signed, led by MasterCard, in the Saudi e-commerce company "Hyperpay" in order to expand the digital payment system in the Kingdom.

The ministry's investment development report also revealed other deals, the most important of which were strategic agreements with the Swiss pharmaceutical company "Novartis" to develop biotechnology in Saudi Arabia.

Investment agreements worth $50 million were signed by the Saudi Aramco Entrepreneurship Center (Wa’ed) for the Wahed, a global Islamic fintech company. In addition to signing a deal with Maaden Company to build the world's largest solar-powered plant to refine bauxite ore to extract alumina and support the aluminum industry.

Minister of Investment Eng. Khaled Al-Falih said that the national investment strategy is considered as an effective incentive to increase the private sector's contribution to gross domestic product (GDP) by 65 percent, in addition to increasing foreign direct investment (FDI) to 5.7 percent of GDP.

"While the global tourism sector is still recovering due to the recent crises that occurred, many tourism investors are showing strong interest in Saudi Arabia's potential in this sector," Eng. Al-Falih noted.

Al-Falih said that the cooperation between the National Investment Strategy and the National Tourism Strategy will witness the development of a strong and attractive tourism product.

He also noted that the tourism sector in Saudi Arabia will witness global interest, as The Red Sea Development Company (TRSDC) signed deals in May with hospitality groups The Ritz Carlton, Hyatt and Rosewood in order to develop luxury resorts.

Additionally, a number of major global investors in the field of hospitality, such as Radisson and Hilton, announced that they are looking to open 20 and 59 new hotels in the Kingdom, respectively.

Saudi Arabian Airlines (Saudia) announced that it will add 94 new destinations in order to attract visitors to Saudi Arabia, he added.
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