The governor of the region highlighted that the strategic and logistical significance of Saudi Arabia’s northern province of Hail will draw further investment.
Prince Abdulaziz bin Saad, the Hail Governor, emphasised the Ministry of Investment’s critical role in promoting performance that is in line with the country’s overall economic goals.
This was said on July 27 at Aja Palace at a reception where Minister of Investment Khalid Al-Falih was present, according to the Saudi Press Agency. To achieve several “Vision 2030” objectives, the nation’s “National Investment Strategy” attempts to promote the expansion and diversification of the Kingdom’s economy.
These include improving the GDP contribution of non-oil exports from 16% to 50%, increasing the role of the private sector to 65%, and increasing the GDP contribution of foreign direct investment (FDI) to 5.7%. Other objectives include getting Saudi Arabia into the top 10 economies in the Global Competitiveness Index by 2030 and bringing down unemployment to 7%.
To discuss impending difficulties and go over the Hail Region Development Authority’s presentation on its comparative advantages, investment possibilities, and future opportunities in light of “Vision 2030,” the governor and Al-Falih convened a meeting after the event.
Al-Falih added that Prince Abdulaziz expressed his idea for Hail’s competitive advantages in a post on X, the old Twitter. The minister stated, “We talked about the potential for investment in the area and how the Ministry of Investment might promote and draw both domestic and foreign investments to this promising location.”
To address numerous hurdles and discuss assistance, development, and stimulation of their investments, he also suggested meeting with investors and business leaders at the Chamber of Commerce in Hail. He continued, “I also went to the industrial city, where I saw the Taldeen Co. factory, which is a notable example of manufacturing enterprises.”
Because of its ideal soil, water availability, and climate, Hail has plenty of agricultural resources and is a major producer of livestock, fruits, vegetables, grains, and barley. There are around 15,000 agricultural holdings in the area, including contemporary farms and hydroponics facilities. There are programmes in place to connect the food value chain and increase food processing capacity.
The region is known for its rich cultural legacy, important archaeological sites, and two UNESCO World Heritage Sites, in addition to its agricultural prowess.