Abdulaziz Al-Falih at the forum. IMage: SPA
$21bn projects underway in Saudi northern border region
ARAR (Saudi Arabia), November 27, 2023
Saudi Arabia's northern border region offers numerous investment opportunities in competitive sectors and the ongoing projects in the area exceed SAR80 billion ($21.33 billion), said Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih.
During his participation in the Northern Border Investment Forum in a session themed “Future Investment Directions for the Northern Border Region,” Al-Falih said activation of these opportunities is backed by the government's firm commitment, efficient management, and cohesive coordination among ministries and agencies, a Saudi Press Agency report said.
He highlighted a new project aimed at doubling the kingdom’s phosphate production capacity, positioning it as the world's third-largest phosphate producer. This initiative at Waad Al-Shamal involves the conversion of phosphate into advanced chemical products.
He said the region's vast capacity for renewable energy production presents an opportunity for export of electricity to neighboring countries like Iraq and others, promising remarkably low costs.
Al-Falih said the National Investment Strategy is one of the main enablers for achieving the kingdom’s Vision 2030 objectives, adding that since the launch of the vision, the kingdom has implemented fundamental reforms in the legislative and regulatory system to make the kingdom’s economy more competitive and sustainable.
He explained that the general goal of the National Investment Strategy is to increase the quality and volume of investments in the kingdom, which contributes to advancing economic development and diversifying it to achieve the desired goals of the vision.
The minister highlighted 40 executive initiatives offering enticing investment prospects across various sectors and regions within the kingdom, catering to diverse investor profiles. These initiatives encompass plans to integrate the 'Invest in Saudi Arabia' platform with all local investment opportunities, establish special economic zones with favourable regulations, and deliver exceptional services tailored for major strategic investors—both local and international, he said.