The kingdom of Abdullah has come to an end with his death and the new designated leadership aims to push diversification in the economic model for esteemed growth but ensuring simplicity in procedures for the patrons, claimed by governmental officials.
The growth-oriented approach is the evident when the power was shifted towards King Salman with a mutual consensus and a confidence that our leadership Portray said Abdullatif al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA).
The new king has always been focused in attracting foreign investment in the country to make it an investment hub spot in UAE region, told by Othman in Global Competitiveness Forum. The purpose of the event was merely based on passionate gathering between Saudi officials and world’s leaders.
Eric Schmidt, CEO of Google was also ensuring his presence in this very event. Inevitably, the oil segment make the most of 90 percent government’s revenue but the new leader aims to promote and develop new areas such as healthcare, mining and transporting sectors along with information technology. The Othman claimed that, “Already we've identified healthcare and transportation investments valued at $140 billion in the coming five years."
The master plan for the country primarily encompasses with reforms in financial services, real estate industry and tourism divisions with drawing acute attention over education and innovation, said Othman. “Our country is considered as among one of the tech-savvy population in the world; however, there are some loopholes present in the country that create trouble in driving smooth business processes.” According to Civil Service Minister Abdulrahman al-Barrak, "fighting red tape... is a priority."
He further added that “the administration is analyzing the certain obstacles on 360 degree dimensions in order to overcome all the hitches of the investors.” Moreover, the government has initiated a fast tracking practices through which the investors will be able to get business licenses within 5 days, said Othman. During the tenure of Abdullah, the country managed to take a spot in G20 group of major global economies. Moreover, the foreign direct investment was elevating at a compound annual rate of 10 percent with a five-fold increment to hit $220 billion. On the other hand, Production sector had also been exhibited remarkable average growth of 8.4 percent since 2005.
