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00:00 The short story is that the vision of Sayyidi and Wali Al-Ahad
00:04 has brought great goals in the entire economy of the Kingdom.
00:07 The most important is to reach the Kingdom to the largest economy in the world.
00:11 Therefore, investments should be encouraged to reach 30% as a target of the overall local product
00:17 as it came in the National Investment Strategy.
00:20 The National Investment Strategy was launched two years ago under the supervision of Sayyidi and Wali Al-Ahad
00:25 and it has been targeted annually, whether on local investment or overall investment or foreign investment.
00:31 We are targeting approximately 12 trillion Saudi Riyals by the year 2030
00:36 as a total of investments, including local investments, private sector investments, government investments,
00:42 and also foreign investments.
00:46 We also have annual targets.
00:48 We are targeting, God willing, by 2023 to reach 83 billion Saudi Riyals as foreign investments entering the Saudi economy.
00:57 The investment performance so far in the last two years has achieved great achievements
01:02 based on the initiatives and reforms that were launched with the National Investment Strategy,
01:07 and most importantly, the improvement of the investment environment, the development of legislative reforms,
01:11 and the supporting reforms and the facilities, including appropriate funding and incentives.
01:16 Therefore, the overall investment growth in the past year was approximately 30% in 2022 compared to 2021.
01:24 The private sector was the driver of these achievements or growth,
01:30 as the private sector grew by more than 50% in investments in the past year.
01:35 The investments varied between different sectors, including manufacturing,
01:41 petrochemicals, transportation and logistics, communications and information technology,
01:50 real estate, construction, and wholesale and distribution.
01:56 We should not forget the promising sectors, such as tourism, entertainment, and sports.
02:04 We are talking about targeting 12 trillion Riyals by 2030.
02:11 Looking at the next year, are there any targets or targets for the size of foreign investments
02:17 or the growth levels to be achieved compared to this year?
02:21 True. We have annual targets for each year, and the cumulative receipt, which is 12 trillion in 2030, is clear.
02:31 We have an average annual growth of 13% every year until we reach the cumulative target by the end of 2030.
02:41 I mentioned foreign investments, which target 83% this year.
02:47 The performance is still excellent in the first three quarters.
02:50 We hope that there will be future investments from countries to target promising sectors.
02:58 We have already achieved this target by providing the incentives, because these are the priority sectors in Saudi Arabia.
03:03 Geographically, we are seeing strong economic partnerships between the Kingdom of Saudi Arabia and China,
03:09 the Kingdom of Saudi Arabia and Turkey.
03:11 To what extent do we see promising foreign investments and growth in these investments,
03:16 if we do not talk about China, for example?
03:19 I will talk in general, that the issue of economic clusters is important for the Kingdom of Saudi Arabia.
03:26 The Kingdom is now looking for its economic and investment interests everywhere.
03:29 China is a very important strategic partner, both in terms of investment and trade.
03:34 If we look at trade, we find that China is one of the top countries in the world in terms of trade in 2022 compared to 2021.
03:41 Therefore, the amount of future investments from China in the past two years is very high.
03:46 How many?
03:48 We have targeted a variety of sectors, such as telecommunications and information technology.
03:55 The numbers have not yet ended, and will end at the end of the year, in November,
04:01 in order to be a collection of all financial institutions.
04:07 By the way, we have adopted a new approach to show specific details in direct foreign investment.
04:13 We have clear numbers for countries and sectors in the past.
04:18 We have adopted a new approach with the International Monetary Fund in cooperation with the Ministry of Investment,
04:22 the General Statistical Office and the Saudi Central Bank.
04:25 At the end of the year, we will announce data on sectors, activities, products, countries and cities
04:30 that will be invested in the Kingdom of Saudi Arabia.