The Saudi Shura Council will hold its fifteenth regular session of the second year of its ninth term on Monday, 16 Rajab 1447 AH (corresponding to [insert Gregorian date]). This session will feature a significant oversight and economic event: the hosting of His Excellency the Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih. The session will discuss a comprehensive report on the Ministry's performance, the progress made on its strategic plans and programs, and the future objectives for the investment sector in the Kingdom.
Minister Al-Falih is scheduled to deliver a detailed presentation to the Council, highlighting the rapid developments in the Kingdom's investment environment and the efforts undertaken to enhance the global competitiveness of the Saudi economy. The presentation will cover key performance indicators, the volume of incoming investment flows, and the progress made in achieving the objectives of Vision 2030, which relies heavily on diversifying income sources and attracting foreign capital.
In the historical and economic context of this event, the transformation of the General Investment Authority into a ministry in 2020 marked a pivotal turning point, reflecting the wise leadership's focus on investment as a cornerstone of the national economy. Since then, the ministry has been working to implement the National Investment Strategy, launched by His Royal Highness the Crown Prince, which aims to achieve record levels of net foreign direct investment and increase the contribution of domestic investment to GDP. This underscores the critical importance of this session in reviewing the progress made towards these ambitious goals.
Members of the Shura Council will exercise their oversight and legislative role by posing direct questions and comments to His Excellency the Minister, focusing on the challenges and obstacles that local and international investors may face, and ways to overcome them. These discussions are particularly important in light of recent legislative reforms in the Kingdom, such as the Civil Transactions Law and the updated Investment Law, as the Council seeks to ensure the efficient implementation of these regulations to serve the business environment.
The presence of His Excellency the Minister of Investment is based on Article 22 of the Shura Council Law, which grants the Council the authority to invite government officials to discuss matters related to their competencies, in order to promote the principle of transparency and accountability, and to support the development process in government agencies in a way that raises the level of services provided to beneficiaries.
Believing in the importance of community participation, the Council announced its welcome to receive citizens’ proposals and inquiries to put them on the table for discussion with the Minister of Investment, through the official channels available, whether through the Council’s website shura.gov.sa or through the email dedicated to communication, which enhances the comprehensiveness of the proposal and its connection to the needs of the economic reality.
