During his visit to the General Investment Authority and his review of its activities,
the Minister of Economy, Industry, and Investment, Engineer Maeen Al-Mahaqri, emphasized the following:
- Strengthening cooperation and establishing a strong and sustainable partnership with the private sector and national capital across all categories.
- Prioritizing the stimulation of private sector investment, safeguarding national capital, and creating conducive environments for its growth.
- Focusing on rural development and community-based economic projects.
- Investing in energy projects is an urgent necessity and a fundamental condition for improving investments across various sectors.
Engineer Maeen Al-Mahaqri, Minister of Economy, Industry, and Investment: Investment... A Top Priority for Development and Change
Energy... A Key Requirement for Enhancing Investments Across Various Sectors
The New Law... A Real Shift in Investment, Offering the Private Sector the Highest Levels of Incentives
Investment Magazine | Exclusive: 25/8/2024
Engineer Maeen Hashem Al-Mahaqri, the Minister of Economy, Industry, and Investment, has placed stimulating private sector investment, safeguarding national capital, and creating favorable conditions for its growth at the forefront of the ministry's priorities.
During his visit to the General Investment Authority on Sunday, August 25, 2024, the minister stressed the need for a new approach that ensures a more dynamic investment process through incentives, facilitation, and guarantees, viewing investment as the lifeline of the national economy. He also emphasized that promising investment opportunities in various fields need to be marketed to private, public, mixed, and community capital.
Minister Al-Mahaqri highlighted the importance of collaboration and creating a robust and durable partnership with the private sector and national capital, recognizing it as the primary driver of the national economy. He urged the leadership and staff of the Authority to focus on rural development and community economic projects, followed by energy generation initiatives, which he described as an urgent necessity and a prerequisite for improving investments across various sectors. The minister also underscored the importance of investments in food, pharmaceuticals, and textiles.
Additionally, he emphasized the need to update the Authority’s work mechanisms in alignment with the government’s program for change and development, contributing effectively to achieving its objectives. The new Investment Law, according to the minister and under the guidance of the leadership, will provide the private sector with the highest levels of incentives and will mark a significant improvement compared to the current law, offering various facilitation measures, guarantees, and incentives to stimulate investment growth.
In a related context, the minister touched on the importance of introducing sufficient flexibility in amending the law based on results and impact assessments, creating a fast-paced dynamic that serves the enhancement of the investment environment. He also highlighted the crucial role of the Investment Authority's staff in fostering a positive and constructive relationship with the private sector.
In response, Mr. Yasser Abdul Kareem Al-Mansour, Chairman of the Authority, expressed his appreciation for the ministry’s commitment to developing work mechanisms. He confirmed that the Authority, with its full team, is ready to operate under a new vision aimed at advancing investment in the country and taking full advantage of the benefits and incentives in the new Investment Law
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