RIYADH — Investment Minister Khalid Al-Falih said Saudi Arabia has succeeded in attracting 20 of the world's top 30 banks as part of efforts to expand the presence and activity of major global asset managers and international banks to support the Kingdom's banking sector. Speaking during a Shoura Council session on Monday, Al-Falih announced that the National Investment Strategy was updated in 2025 to focus on "quality and productivity," directing investments toward sectors with the highest economic impact and developing financing solutions for small and medium-sized enterprises. He highlighted the success of the Regional Headquarters Program, noting that more than 700 global companies had been licensed by the end of 2025, exceeding the 2030 target of 500 companies. He said the companies span diverse sectors, strengthening Saudi Arabia's position as a regional business hub. Al-Falih said active investment licenses grew tenfold, rising from 6,000 in 2019 to 62,000 by the end of 2025. He stressed the role of companies in creating more than one million jobs, including a large number filled by Saudi nationals. The minister also addressed regulatory reforms aimed at boosting business competitiveness, citing the Civil Transactions Law, the Companies Law and the updated Investment Law issued in mid-2024. He said legislative improvements helped Saudi Arabia advance 15 places in the global competitiveness ranking. Al-Falih revealed that the Ministry of Investment has identified more than 2,000 investment opportunities valued at over SR1 trillion. He said opportunities published through the "Invest Saudi" platform were converted into 346 closed deals with a total value exceeding SR231 billion. Responding to a question from Shoura Council member and Chair of the Trade and Investment Committee Hanan Al-Sammari on ensuring fair competition for local investors alongside attracting foreign investment, Al-Falih said local investors are a priority for the ministry and that efforts continue to enhance investment efficiency and competitiveness for all investors. On the role of investment events held across the Kingdom, Al-Falih said such events are important for showcasing and marketing each region's unique opportunities. He said the ministry partners in organizing and promoting these events in cooperation with chambers of commerce, regional development authorities and relevant government entities, seeking to leverage each region's competitive advantages. Addressing a question on localizing foreign private-sector activity, Al-Falih underscored its importance, citing Saudi Aramco's experience and the Kingdom's long-standing localization approach since the era of the founding king, which he said accelerated development and supported the rise of major national companies competing internationally. On attracting and enabling investors in the education sector, Al-Falih said education is among the most important targeted sectors due to its role in developing skilled and knowledgeable generations, supporting Vision 2030, economic diversification and sustainable development driven by Saudi talent. Al-Falih also said updating the National Investment Strategy in 2025 aimed to strengthen competitiveness in attracting investment amid global changes and rising international competition, with a focus on high-impact economic sectors. On competitive neutrality, he praised coordination between the ministry and national entities to support the investment environment, noting that the Investment Law enshrines principles of competitive neutrality and reciprocity, contributing to the Kingdom's progress in key international indicators.
