The Saudi Cabinet has approved a national framework to enhance foreign direct investment, promoting economic ties with global organizations.
Crown Prince Mohammed bin Salman chaired the session, addressing key domestic and international developments, according to the Saudi Press Agency (SPA). He briefed the Cabinet on discussions with leaders from allied nations, focusing on strengthening partnerships across various sectors.
Investment Growth and Tax Agreement with Qatar
Foreign direct investment inflows in Saudi Arabia surged to SR96 billion ($25.6 billion) in 2023, a 50% rise from the previous year. The Cabinet also approved an agreement with Qatar to avoid double taxation and prevent tax evasion. This move aims to boost economic cooperation within the Gulf and enhance financial transparency.
Climate Initiative and Space Cooperation
Minister of Media Salman Al-Dossary announced the Cabinet’s decision to join the Cement and Concrete Breakthrough Initiative, aligning with the Kingdom’s sustainability goals. Additionally, a framework agreement with the US was endorsed, focusing on cooperation in civil aviation and space exploration.
Advancing Regional Partnerships and Tourism Growth
The Cabinet reviewed regional developments and praised the Saudi-Indian Strategic Partnership Council’s progress in industry, technology, and agriculture. Domestically, Saudi Arabia advanced 15 places in international tourist revenue rankings since 2019, reinforcing its leadership in the global tourism sector.
