The Ministry of Investment and the Saudi Cypriot Business Council organized a hypothetical seminar entitled “Providing business and investment opportunities in the Kingdom”, with the participation of the Minister of Energy, Trade and Industry of Cyprus, Natasha Pallides, Ambassador of the Custodian of the Two Holy Mosques to the Republic of Cyprus Khaled bin Muhammad Al-Sharif, the Ambassador of the Republic of Cyprus to the Kingdom of Stavros Avgostides, Investors in the Ministry of Investment, Nasser Al-Mahasher.
The participants discussed the attractiveness of the investment environment in the Kingdom, how to start the investment journey, and the ease of doing business in various promising sectors in the Kingdom.
In his opening speech, Al-Mahasher reviewed the growing partnership that spanned decades between the Kingdom and Cyprus, as it contributed to the development of the two countries’ economic needs and the prosperity of the private sector, noting the Kingdom’s desire to increase the participation of Cypriot companies, facilitate their access to investment opportunities in the Kingdom, and benefit from major reforms undertaken by them. To improve the business environment.
He explained that the Ministry of Investment is working to develop the investment scene in the Kingdom and attract foreign direct investment, by implementing incentives and regulations that improve competitiveness and make the Kingdom an attractive global investment destination, in addition to helping local and international companies to access various opportunities across the G20 economy.
Al-Mahashir stated that during the COVID-19 pandemic, the Kingdom demonstrated exceptional and effective leadership to ensure the safety and health of the citizen and resident and protect jobs, businesses and the economy, and the Ministry of Investment also worked with partners from government agencies to ensure business continuity for the private sector during these unprecedented times, despite the turmoil in the economy. As a result of the global pandemic, investors have remained confident of the long-term Saudi opportunity.
He pointed out that the Kingdom in 2020 witnessed a 7-percent increase in the inflows of foreign direct investment worth 4.6 billion dollars, which were recorded against the overall global declines, according to UNCTAD, indicating that the Kingdom possesses exciting potentials and opportunities for investors, as the Kingdom is one of the G20 countries and its population is young More than 30 million highly educated people, with about 50 under the age of 30.
He indicated that the Kingdom’s distinguished position at the heart of major global trade routes is a major driver in the growth of the logistics market in the Kingdom, also driven by population growth, increased demand for e-commerce and the Kingdom’s 2030 mega-projects, where the value of the logistics services sector in the Kingdom is currently 19 billion US dollars. It is expected to be the fastest growing logistics market in the world, accounting for 12% of global maritime trade crossing the Red Sea.
The Undersecretary for Communication with Investors at the Ministry of Investment reviewed the potential of the tourism sector, which is witnessing tremendous growth and has a wonderful coastline along the Red Sea, as mega projects such as the environmentally friendly Red Sea project will transform our western shores into a luxury tourism destination, with the implementation of ambitious sustainability initiatives, as the project plans to open 16 hotels by 2023, offering unique experiences in one of the world’s hidden natural treasures.
For his part, Ambassador Khaled Al-Sharif touched in his speech to the strength of the Saudi-Cypriot relations and the embassy’s support for the efforts of the Business Council between the two countries, encouraging investment and moving forward to support the Council and facilitate its work.