Saudi Arabia will host the 28th edition of the World Investment Conference (WIC 2024), from November 25-27, 2024, in Riyadh, under the patronage of the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, reported the Saudi Press Agency (SPA).
The Conference is organized by Invest Saudi, in collaboration with the World Association of Investment Promotion Agencies (WAIPA). It aims to discuss current economic and social challenges that could impact the global flows of investment, bringing together policymakers, business leaders, economists and academics.
Exploring Current Trends
The WIC 2024 focuses on discussing the current events and trends affecting global investment. This year’s theme centers around “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities.” By providing a dynamic platform, investors and investment promotion agencies will engage in meaningful discussions to explore issues of mutual interest.
During the Conference, government and business leaders, investors, economists and international agencies will engage in interactive dialogues to develop, diversify and strengthen investment.
WIC Key Topics
WIC 2024 features a wide array of events and topics of discussions. These include high-level dialogue with government ministers, in-depth sessions on technology, sustainability and economic cooperation, as well as workshops presented by investment experts.
Moreover, WIC events include a dedicated track for entrepreneurship, focusing on the transformative role of startups and innovators. Meanwhile, the conference’s exclusive matchmaking sessions will facilitate strategic partnerships among investors, SMEs, and other potential partners.
The WIC 2024 will also provide a unique opportunity to celebrate the achievements of Investment Promotion Agencies (IPAs), by granting awards to innovation and excellence in investment facilitation.
Saudi Arabia: A Global Investment Hub
On this occasion, the Saudi Minister of Investment, Khalid Al-Falih, highlighted the role of Saudi Arabia’s leadership in promoting the Kingdom’s status as a global destination for investment. He said that Saudi Arabia, driven by its ambitious Vision 2030, “has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”
Moreover, Al-Falih noted that hosting WIC 2024 in Riyadh “will serve as a platform to share the Kingdom’s strategic vision with partners.” He added that the Conference will provide an opportunity to showcase Saudi Arabia’s status and potentials as a reliable partner for investment and sustainable economic growth.
In the light of this, Al-Falih said: “Saudi Arabia invites investment leaders from across the world to build partnerships that benefit the Kingdom and the whole world.”
Transformation Under Vision 2030
Saudi Arabia is adopting transformative reform plans to diversify its economy away from oil revenues under the ambitious Vision 2030. These reform plans have attracted substantial foreign investments to the Kingdom across various sectors. Since the launch of Vision 2030, Saudi Arabia has issued over 28,900 investment licenses.
Moreover, the Kingdom has adopted measures that streamline investment processes, including permitting 100% foreign ownership in specific sectors, facilitating commercial register procedures, streamlining visa issuance, and launching other investment-friendly initiatives.
These measures have a created a favorable investment environment in many sectors, such as renewable energy, logistics services and artificial intelligence (AI). As a result, Saudi Arabia is establishing its position as a global investment hub. Furthermore, the attractive investment environment fosters a resilient economy that leads in growth and innovation.
Attracting Investments
Owing to Saudi Arabia’s ambitious reform plans, the Kingdom has managed to attract substantial investments. During the third quarter of 2024, Saudi Arabia experienced a 73.7% increase in investment licenses compared to the same period last year, with 3,810 issued licenses. Most of these licenses were in the sectors of construction, manufacturing, professional activities, wholesale trade, and information and communications.
This notable progress is the result of Saudi Arabia’s advancement in global indices, such as government trust, access to technology, consumer confidence, and the AI strategy. Moreover, the entertainment sector, a key pillar in economic diversification plans, has emerged as an attractive sector for investments.
During Q3 2024, the entertainment sector recorded a 13% growth in foreign investment licenses. Over the past 5 years, the sector generated more than SAR 1bn revenues, issuing 2,189 licenses.
The Future of Investment
The WAIPA Executive Director and CEO, Ismail Ersahin, expressed his excitement about hosting the WIC 2024 in Saudi Arabia. He said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment.”
Furthermore, he highlighted the significance of the event. “The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape. We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” Ersahin noted.
The WIC 2024 is expected to act as a vital platform for tackling global investment issues, including the significant impact of technology and AI, global supply chains resilience, energy transition towards sustainability, and the transformative role of entrepreneurs and startups in reshaping the investment environment.
