Saudi Arabia seeks to boost its economic output to reach $1.71 trillion, Saudi Investment Minister Khalid Al-Falih said on Wednesday.
Al-Falih said Saudi Arabia plans to boost the investment rate to 30 percent as compared to the current 22 percent and seeks to achieve GDP target of 10 percent.
The minister said this leap requires efforts to empower the private sector by providing an integrated investment environment in the Kingdom.
He said five economic zones will be established in the Kingdom, including fencing a part of King Abdullah Economic City in Rabigh, and offering special incentives, including an exception to some legislation that is compatible with international agreements.
The statement comes on the heels of the launch of the National Investment Strategy, which aims to increase net foreign direct investment flows to the Kingdom to SR388 billion ($103.5 billion) annually by 2030.