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A THRIVING ECONOMY..
OPEN FOR BUSINESS
OPENING SAUDI ARABIA FURTHER
FOR BUSINESS WILL BOOST
PRODUCTIVITY AND SMOOTH OUR
JOURNEY TO BECOME ONE OF THE
LARGEST ECONOMIES IN THE
WORLD. WE WILL IMPROVE OUR
IMPROVING
THE BUSINESS
ENVIRONMENT
REHABILITATING
ECONOMIC
CITIES
We will further pursue public-private partnerships, continue
to facilitate the flow of private investment and improve our
competitiveness. We will develop the necessary capabilities
to increase the quality and reliability of our services. We will
coordinate with legislative authorities to review current
regulations with the aim of improving the business
environment and enforcing contracts.
We are aware that the economic cities of the last
decade did not realize their potential. Work has halted
in several cities, and others face challenges that
threaten their viability.
We have worked in cooperation with Aramco to
restructure Jizan Economic City. We will strive to salvage
other economic cities, especially those with comparative
advantages. To achieve this, we will work with the
companies owning those cities to revamp them and
transfer vital facilities. This effort will depend on the
readiness of these companies to work with the
government. Our aim is for these cities to contribute in
the development of the economy and to attract quality
investments as well as local and international talent, all
kept in line with our national priorities.
Where it exists in strategic locations, we will also capitalize on
the government’s reserves of real estate. We will allocate
prime areas within cities for educational institutions, retail
and entertainment centers, large areas along our coasts will
be dedicated to tourist projects and appropriate lands will be
allocated for industrial projects.
We will enable banks and other financial institutions to adapt
their financial products and services to the needs of each
sector, ranging from large project capital funding to short-
term working capital for small businesses. We will also
facilitate and expedite licensing procedures based on our
national economic priorities.We will apply international legal
and commercial regulations strictly and create a business
environment conducive to long-term investment.
We will strive to facilitate the movement of people and
goods, and to simplify customs procedures at our ports.
As a result, we will create an environment attractive to both
local and foreign investors, and earn their confidence in the
resilience and potential of our national economy.
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