Saudi Arabian Vision 2030: Action plan to increase private sector funding
The senior authorities of Saudi Arabia have ordered all the Committees of the 2030 Vision Realization Program in order to present an action plan to the Strategic Committee of the Economic and Development Affairs Council (CEDA) to activate the role of the private sector as an investor and a financial element in the implementation of their initiatives.
The action plan will include mechanisms to deal with the preparation of feasibility studies, as well as the different financial models, financing capacity, advantages and incentives, and the consulting model and the time required for it.
According to the CEDA directive, priority will be given to the most important and high-impact initiatives, with the coordinating committees with the General Investment Authority of Saudi Arabia (SAGIA), the National Privatization Center, the National Center for Public Debt Management and the Office of strategic management and the center to achieve cost efficiency.
SAGIA will supervise the committees that will carry out the tasks covered by them, then the adoption of the action plan, which will be presented to the CEDA Strategic Committee. A committee is formed in SAGIA, headed by the minister of commerce and investments and chairman of the SAGIA board of directors, with the governor of SAGIA and representatives of various organizations as members.
These agencies include the National Center for Public Debt Management, the Public Investment Fund, the Statistical Authority, the Export Development Authority, the National Privatization Center, the Saudi Center for International Strategic Partnerships, the Market Authority of Capitals, the Public Procurement and Local Content Authority and Saudi Aramco, in addition to the CEOs of the Committees of the Vision Realization Program and the Stock Exchange of Saudi Arabia (Tadawul).
This committee will be responsible for unifying and coordinating marketing efforts and attracting investments, and clarifying the roles and authorities of the relevant authorities through the distribution of tasks assigned to each side. The committee chair will appoint a substitute for representatives of government agencies.
The committee will establish the mechanisms for the implementation of its work and the governance of its meetings. Presents a quarterly report to the CEDA president about his activities, achievements, great challenges and solutions.
The SAGIA logo “Investing in Saudi Arabia” becomes a uniform national identity to market and attract investments to Saudi Arabia. All ministries and other government agencies will adopt this identity in all their work related to attraction and investment opportunities, and will work on the preparation of relevant content and marketing messages.
SAGIA will establish a comprehensive portal for all investment opportunities in the Kingdom and will be responsible for developing and supervising them. As for government ministries and agencies, we must continuously provide SAGIA with feedback regarding the investment opportunities that concern them, and the data that must be completed for each investment opportunity, including information and basic indicators, advantages and incentives, In preparation for submission to the portal.