RIYADH: Saudi Arabia’s northern province of Hail is set to attract increased investments due to its strategic and logistical importance, as emphasized by the region’s governor.
Hail Gov. Prince Abdulaziz bin Saad highlighted the pivotal role of the Ministry of Investment in fostering performance that aligns with the nation’s broad growth objectives.
This statement was made during a reception attended by Minister of Investment Khalid Al-Falih on July 27 at Aja Palace, according to the Saudi Press Agency. The country’s National Investment Strategy aims to drive the growth and diversification of the Kingdom’s economy, working toward several Vision 2030 goals.
These include increasing the private sector’s contribution to gross domestic product to 65 percent, raising foreign direct investment’s contribution to GDP to 5.7 percent, and boosting non-oil exports’ contribution to GDP from 16 percent to 50 percent. Other goals include reducing unemployment to 7 percent and positioning Saudi Arabia among the top 10 economies in the Global Competitiveness Index by 2030.
Following the reception, the governor and Al-Falih held a meeting to review the Hail Region Development Authority’s presentation on the its comparative advantages, investment prospects, and future opportunities in light of Vision 2030, as well as to address upcoming challenges.
In a post on X (formerly Twitter), Al-Falih said that Prince Abdulaziz shared his vision for Hail’s competitive advantages. “We discussed investment opportunities in the region and the ways the Ministry of Investment could support and attract both national and foreign investments to this promising area,” the minister said.
He also mentioned meeting with business leaders and investors at the Chamber of Commerce in Hail to discuss support, development, and stimulation of their investments while addressing various obstacles. “I also visited the industrial city, including the Taldeen Co. factory, which is a distinguished model of manufacturing industries,” he added.
Hail’s abundant agricultural resources are supported by its water availability, suitable soil, and favorable climate, making it a major producer of fruits, vegetables, grains, barley, and livestock. The region boasts nearly 15,000 agricultural holdings, including modern farms and hydroponics facilities. Initiatives are underway to expand food processing capacities and integrate the food value chain.
In addition to its agricultural strengths, the region is home to two UNESCO World Heritage sites, a rich cultural heritage, and significant archaeological sites.
