SAGIA, The Chinese Investment, and The Tourism Startegy
The Saudi Arabian General Investment Authority (SAGIA) is looking forward on becoming a pioneer in evolving high quality investments, facilitating sustainable development. They are responsible for following up and evaluating the investments performances, decreasing the difficulties that investors face, conducting researches and creating executive plan drafts to inspire local investments.
SAGIA is looking forward on placing The Kingdom of Saudi Arabia among the top performing markets for investments. They aim on promoting the country as a world- class place for investments, attract new investors and keep the current ones, expanding their investments in the country, benefiting a sustainable national economic growth.
SAGIA works hard to improve the investments and enhance the support structures in Saudi Arabia. It also pursues on constantly uplifting services through its human resources, effective partnerships and continuous interaction with investors.
Moreover, it is also working on improving the investment environment in the country through many opportunities for development in order to attract value-added investments and advanced electronic services, which offers flexibility in dealings between the investors and SAGIA along with the synchronization with various concerned governmental agencies.
How does SAGIA help investors? They offer supportive and advisory services that deliver solutions to their business needs. As well as, implement local solutions by illustrating on the wealth of global knowledge and experience. Also, SAGIA is accountable to be part of the client’s journey in the Kingdom and is pleased to manage all the clients’ requirements. Business Centers of SAGIA provide most of the government services to simplify the essential steps for clients to start and maintain their business.
Finally, as for researching, SAGIA provides studies about the local market and its various sectors that are based on government plans for the companies that are longing to enter for their first time or if they are considering expanding their current businesses. They work with governmental entities to create, develop, and market business opportunities. As it plays a role by marketing the opportunities in the investment catalog showing all the details, as well as it works closely on appraising each opportunity with existing clients towards shifting to real investments.
A new chapter was written in the relationship between Saudi Arabia and China during the visit of Saudi Arabian leadership to China. It has been said that a huge growth has been seen in Chinese companies in the Kingdom of Saudi Arabia, estimating a 100% increase in the entry of investment to the Saudi Market in the first half of 2019 compared to last year.
Moreover, After the Chinese delegation’s visit to SAGIA, it has been noticed that there are strategic partnerships between both countries and a lot of opportunities in the strategic sectors that result to their vision of 2030. It has been noted that China has the expertise relevant to Saudi Arabia’s plans in many sectors such as the petrochemical, manufacturing, mining power, and renewable energy sectors. Merging the enterprises between the Kingdom and China will take the relationship to new levels.
Nevertheless, it has also been discussed that there will be an opening of an office for SAGIA in China. The highlight of the Chinese visit was the growing interest from companies that want to know more about what Saudi Arabia has to offer, as there are workshops where companies are meeting with specific teams that have technical and commercial experience which can enhance each company relevant to the sector and opportunities. These workshops will help them throughout their journey from exploring to investing and operating in the Kingdom.
SAGIA’s Deputy Governor on Tourism Strategy has stated that tourism affects the social economic transformation at Saudi Arabia. The kingdom is opening up to global tourism. The tourism strategies that they have been approved aim to position the country among the top 5 tourist destinations. As today 20 million tourists visit Saudi Arabia and they are looking forward to increasing it to 100 million tourists. The GDP contribution of tourism is 30% today and it is projected to have an annual increase of 13 to 13.5 % by 2022 which is the highest in the GCC.
Chinese Investment soars back to Saudi reforms, Arab News, October 20, 2019
SAGIA Deputy Governor on Tourism Strategy, Bloomberg, September 29, 2019