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Economy

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Saudi Arabia looks to boost the country’s GDP to $1.71 trillion

He said five economic zones will be established in the Kingdom.
By TRENDS Desk
October 13, 2021 10:20 pm
  • Al-Falih said Saudi Arabia plans to boost the investment rate to 30 percent as compared to the current 22 percent
  • The minister said this leap requires efforts to empower the private sector by providing an integrated investment environment

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.

 

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