Saudi Arabia establishes an investment promotion agency.

Saudi Arabia has established an organization to encourage investment in the nation, a key objective of the government’s ambitious economic reform strategy, according to the investment minister and state media, citing a cabinet resolution.

The Saudi Investment Promotion Authority “will be a strong supporter of the investment system in its pursuit of the objectives of the #national investment strategy by attracting and developing national and foreign investments,” Investment Minister Khalid al-Falih stated on Twitter in Arabic.

Attracting foreign investment is an important component of Saudi Arabia’s “Vision 2030” strategy to modernize the country’s economy and reduce dependency on petroleum earnings.