28th annual World Investment Conference starts in Riyadh

Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the 28th annual World Investment Conference (WIC) kicked off today. The conference, organized by Invest Saudi in partnership with the World Association of Investment Promotion Agencies (WAIPA), takes place from November 25 to 27, SPA reports. 

During his speech at the opening ceremony, Minister of Investment Khalid Al-Falih welcomed the participants, affirming that the Kingdom is honoured to host this prominent international gathering that brings together a group of investors, decision-makers, and experts to discuss one of the most important engines of the global economy, which is investment. He highlighted the challenges and opportunities addressing global investment amid the ongoing economic transformations.

"As this conference extends over three days, it is designed to foster a productive dialogue that emphasizes the diverse perspectives of the global investment scene," he said.

The minister of investment emphasized that the Kingdom's Vision 2030 is a successful model for sustainable investment. He noted that the Kingdom has achieved remarkable economic growth of 70% in recent years, a threefold increase in foreign direct investment flows, and a tenfold increase in the number of registered international investors compared to the pre-vision era. Additionally, over 1,200 international investors have been granted premium residency permits for a year.

At the conclusion of his speech, Al-Falih urged the participants to fortify international investment cooperation in order to achieve sustainable and comprehensive growth. He also commended the collaborative endeavours of investment promotion agencies and international institutions in achieving the conference's objectives.