Business & Money | Monday 1 May, 2017 9:24 am |

Saudi Arabia seeks to increase FDI to 5.7% of GDP in 2017

 

Saudi Arabia is aiming to increase the foreign direct investment from 3.8% of its current GDP to about 5.7% in 2017, as part of its efforts to diversify its economy and boost investment inflows into the kingdom.

 

Policymakers in Riyadh are also continuing to look for ways to cut spending in a bid to offset the impact of lower oil prices on the biggest Arab economy. Reform and austerity are the buzzwords in the kingdom, which has restructured its subsidy model to save billions of dollars annually, slashed salaries of ministers and curbed perks of some of the government sector employees, as it tries to bridge its fiscal gap. These initiatives are expected to help reduce the Saudi Arabia’s budget deficit in 2017 to $97bn from $118bn last year.

 

These efforts are part of Saudi Arabia’s Vision 2030 Plan and National Transformation Programme, updates on which are set to be revealed at the  Saudi Arabia Forum 2017, a Jumana House event brought to you by MEED, that will gather together influential figures from government and businesses to discuss the opportunities and challenges in the kingdom.

 

The forum, to be held on May 9, 2017 at the Mövenpick Hotel in Riyadh, will ensure complete coverage of the latest market information, project updates, macroeconomic insight, whilst also addressing strategic labour issues and solutions to ensure the kingdom’s sustainable economic growth.

 

“Saudi Arabia continues to be the biggest and the most important market in the region,” says MEED Editorial Director, Richard Thompson. “The announcement of Vision 2030 and the National Transformation Programme, sets out a roadmap for the future direction of the kingdom’s economy and the pipeline for the capital investment projects over the next 15 years.”

 

“But the plan introduces new mechanisms for delivery that require change in the way both business and government work together. Saudi Arabia Forum 2017 is a valuable and important occasion to come together to discuss the opportunities and challenges the future has to offer.”

 

How well the government has managed its resources in the wake of falling oil revenues and how it can it infuse growth in its economy through reform and diversification will be dissected and discussed at the forum, proving stakeholders key insights on how to leverage new opportunities and mitigate risks.

 

Among the highlights of the conference include a series of ministerial presentations that will provide updates on Saudi Arabia’s Vision 2030 and National Transformation Programme, including Insight into the statistics behind the 2030 Vision by His Excellency Dr. Fahad Bin Sulaiman Al Tekhaifi, Deputy Chairman of the Board, and President, General Authority for Statistics (GaStat), Saudi Arabia; as well as Labour market challenges, new policies to lead the National Transformation Programme and a zoom in on Nitaqat 3.0 by Dr. Ahmed Kattan, Deputy Minister of Labour Policies, Ministry of Labour and Social Development.

 

A panel session on the mechanisms for attracting foreign and domestic investments is among other highlights focusing on private sector initiatives, intended to diversify Saudi Arabia’s economy and support future economic development, as well as discussions on enhancing the competitiveness of the kingdom through development of economic cities on par with leading trade and business hubs across the globe.

 

Also of interest to the international community is how Saudi Arabia will realise its commitment to transitioning to a female inclusive workforce, increasing the number of employed women from 22% to a more significant 30% of its working population.

 

With demand growing for the latest updates on Saudi Arabia’s development plans, attendance at the Saudi Arabia Forum is expected to be high. Early registration is encouraged at www.saudiforum.meed.com.