Business & Money | Friday 5 June, 2015 2:09 am |

Major steps taken by Saudi Arabia General Investment Authority (SAGIA), including expediting licensing procedures that can be done online within five working days, have contributed to the Kingdom becoming a prime investment destination in the region.

This was stated by Saudi Arabia General Investment Authority (SAGIA) Gov. and Economic Cities Authority Chairman Abdullatif Al-Othman at the opening ceremony of the Investment Forum for the Economic Cities — Time 15 Forum, King Abdullah Economic City (KAEC).

Describing the investment trend as very encouraging, he attributed it to the favorable business environment created by Custodian of the Two Mosques King Salman. “We are in an era that focuses on the sources of revenue and sustainable development for the sons of this country. We, on our part in the government sector, have provided all support to the private sector.”

The SAGIA governor added: “The KAEC is much stronger today than ever before and we have managed to overcome the challenges faced. We plan to accelerate the pace of work in the city and are working in cooperation with the concerned government authorities to develop systems that will support investments and attract more vital government investment.”
The high-profile event was aimed at keeping prospective investors abreast of investment opportunities, and encourage them to channel their funds through investments in a variety of partnerships in the industrial and commercial sectors, and real estate in KAEC.
Various partnership deals were concluded at the event.

The forum was attended by a large number of major investors and high-ranking officials within the framework of its objectives to attract investors to investment opportunities.
In his welcome speech, Fahd Hamideddin, secretary general of the forum and chief marketing officer at King Abdullah Economic City (KAEC) said that his organization is investing in human resources among its priorities and also infrastructure facilities for investors who can take advantage of the strategic location as a gateway to GCC markets and the Red Sea.

Fahd Al-Rasheed, CEO and KAEC managing director, said the source of funding that supports city projects has reached SR 25.5 billion and is increasing annually.
Council of Saudi of Chambers (CSC) Chairman Abdulrahman Al-Zamil, who was among the key speakers, said obstacles in the past years have been overcome. Now these cities have become significant economic edifices on the regional and international economic map.
Forum sessions on the first day began with the participation of a group of existing investors in the city who discussed the prospects of investments in logistical support, social facilities and industry.