Saudi gazette report
RIYADH — Saudi Minister of Investment Khalid Al-Falih stated that Crown Prince and Prime Minister Mohammed bin Salman has directed all government agencies to facilitate the necessary procedures and empower multinational companies.

He revealed that Saudi Arabia has attracted more than 700 global companies to date to establish their regional headquarters in Riyadh, against the target of 500 by 2030.

He made the remarks during a panel discussion at the Future Investment Initiative conference in Riyadh on Wednesday. The global event, held under the patronage of Custodian of the Two Holy Mosques King Salman, is attended by a large number of Saudi and international leaders, executives, officials and investors.

Al-Falih highlighted the contribution of small and medium-sized enterprises (SMEs) to the local economy, which currently stands at 20 percent, with ongoing efforts to increase this to 30 percent to keep pace with the Kingdom's economic growth over the coming period.

The minister emphasized that highly wealthy family businesses are the backbone of the Saudi economy. He also drew attention to a weakness in financing small and medium-sized enterprises (SMEs) while stating that efforts are underway to develop innovative solutions to encourage family businesses, both within and outside the Kingdom, to find effective channels to address this challenge.

Al-Falih described Tadawul Stock Exchange as a reflection of the national economy. He affirmed that, through Vision 2030, efforts will be made to enhance its profitability and make it a more attractive market.