Investment reports

Saudi Investment Ministry reports 49 deals completed worth at least $925m in Q2 2022

Riyadh. KAZINFORM – The Ministry of Investment of Saudi Arabia (MISA) has announced the signing of a series of new investment agreements in various sectors such as advanced manufacturing, construction and real estate, ICT, tourism, entertainment and sports, highlighting the success of the National Investment Strategy in attracting investment flows to Saudi Arabia, UNA reports.

Driven by the ambitious objectives of the National Investment Strategy, the quarter saw the signing of 49 major investment agreements worth at least $925 million and likely to create approximately 2,000 new jobs. Some of the major deals include a $133.3m deal between the Saudi Ports Authority and DP World to build a logistics park at the Islamic Port of Jeddah and a $37m financing round led by the global technology giant. funds Mastercard in Saudi e-commerce company HyperPay to expand the Kingdom. digital payment ecosystem.

Other investments reported by MISA are a strategic deal with multinational pharmaceutical company Novartis to expand Saudi Arabia’s biopharmaceutical capabilities, a $50 million investment by Aramco’s Wa’ed Ventures in Saudi fintech Wahed and a deal by Ma’aden to build the largest solar steamer in the world. plant to be used to refine bauxite into alumina. In addition to covering these and other transactions, MISA’s Investment Highlights report analyzes macroeconomic indicators and highlights the investment opportunities available to local and foreign investors.

His Excellency Khalid Al-Falih, Minister of Investment, responded to the latest agreements and investment figures highlighting the impact of government plans: “The National Investment Strategy is a catalyst to achieve our national Vision 2030 goals of see the private sector contribute 65% of GDP and increase in foreign direct investment to 5.7% of GDP. Despite the global headwinds, we are seeing strong interest from global investors in various industries to partner with Saudi Arabia. »

The Q2 edition devotes a special section to opportunities within Saudi Arabia’s rapidly growing tourism industry and the ambitions of the national tourism strategy. Al-Falih added: “The synergies between the National Investment Strategy and the National Tourism Strategy will see the development of a strong and attractive tourism product. While the global tourism industry remains sluggish, investors in the tourism industry are showing keen interest in Saudi Arabia’s potential.”

The tourism industry in Saudi Arabia is attracting global attention, especially with the opportunities unlocked in mega and giga projects. The Red Sea Development Company signed deals in May with hotel groups Ritz-Carlton, Hyatt and Rosewood to develop luxury resorts, while Radisson and Hilton also said they plan to open 20 and 59 new hotels respectively. in the Kingdom. Building on this momentum, the Kingdom’s national airline, SAUDIA, has announced the addition of 94 new destinations to bring visitors to Saudi Arabia.

In general, this Investment Highlights Report expands on the Kingdom’s economic diversification efforts under Vision 2030, trade reforms initiated by the National Investment Strategy and the new Companies Act and provides updates on the progress of mega and giga projects. The report’s focus on tourism is guided by the insightful perspectives of His Excellency Ahmed Al Khateeb, Minister of Tourism, as well as the Tourism Development Fund, SAUDIA Group, Red Sea Development Project and the Diriyah Gate Development Authority. The report also features interviews with prominent investors and business leaders from organizations such as Mastercard, Google MENA and Khoshaim & Associates.

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