- Saudi govt issued more than 700 licenses for foreign investments in 2018, double the number in 2017
JEDDAH: The strategic partnership between Saudi Arabia and China is based on harmonizing the Kingdom’s ‘Vision 2030’ and China’s ‘Belt and Road Initiative’, said the chairman of the Royal Commission for Jubail and Yanbu.
According to international media, Abdullah bin Ibrahim Al-Saadan expressed these views during a meeting with a number of officials and investors from China, headed by Chinese Ambassador Li Huaxin, at the commission’s headquarters in Riyadh.
The commission’s chairman introduced the visiting delegation to the huge investment opportunities the Kingdom has to offer in Jazan for constituent and transfer industries.
The meeting began with the screening of a documentary about the Royal Commission for Jubail and Yanbu’s history and achievements during the last four decades.
The commission chief said the cities under the royal commission are the engines of industrial and economic development in the Kingdom. The volume of investments in these cities has exceeded SR1 trillion and the number of industries has reached 657, Al-Saadan told the Chinese delegation.
He said due to strategic partnerships and the commission’s efforts, the petrochemical industry’s production in these cities constitutes 10pc of the world’s total production.
Highlighting the commission’s contribution to Vision 2030, Al-Saadan briefed the delegation about 50 initiatives taken by the commission to achieve the goals set in the ambitious programme.
The Chinese envoy praised the Kingdom’s efforts in transforming the economy of the country. He said investors enjoy easy procedures since the time they land on the Kingdom’s airports.
Li appreciated the efforts of different government bodies and agencies, including the Royal Commission for Jubail and Yanbu, for facilitating foreign investors.
He praised the investment opportunities available in the industrial cities and expressed China’s keenness on investing in the Kingdom.
The first deputy of the governor of the city of Yin Xuan, Li Hongru, who was part of the delegation, also stressed the significance of the commission as an important factor in strengthening the Saudi-China strategic partnership.
The audience watched a number of presentations, including a presentation on the Saudi Silk Road Company, Smart City in Jazan, and presentations by the Saudi Arabian General Investment Authority and the Saudi Industrial Development Fund.
Foreign investments in the Kingdom have more than doubled in 2018 to reach $3.5 billion, according to official statistics. The Saudi government issued more than 700 licenses for foreign investments in 2018, double the number in 2017.
