Dr. Al-Awwad, Deputy Governor of the Investment Authority and the 10 × 10 program leader, said that a clear vision, positive mechanisms, and solid benchmarks have driven the success of the Saudi Arabian General Investment Authority’s (SAGIA) new strategy to improve the investment climate. He said that the benchmarks set up a neutral scientific reference that invoked everyone to measure the progress of improving the investment climate in our country and the quality of the developments needed to drive the Kingdom to the advanced rankings. Dr. Awwad pointed to the fact of management that many strategies fail in practice due to lack of vision, benchmarks, and evaluation criteria.
Representing Saudi Arabia, Dr. Awwad said this in his participation on the first day of the Doing Business Forum, hosted by Abu Dhabi, United Arab Emirates from November 8th-9th, 2009. He spoke at the invitation of the Forum’s organizers, the World Bank and the Arab Monetary Fund.
He presented on the experience of Saudi Arabia, which took first place for the fourth consecutive year as the best investment environment in the Middle East and North Africa. The Kingdom’s sustained success is attributed to comprehensive review of all regulations and procedures related to the investment environment and cooperation among concerned government agencies in accordance with international standards.
Dr. Awwad presented a brief overview of the most important reform steps undertaken by the Kingdom to create a favorable climate that will attract and develop local and foreign investments. He also explained how those steps impacted the business sector and the size of investment flows in the Kingdom during the past years. The Kingdom ranks 13th of 183 countries in the world according to the Doing Business report issued by the World Bank. Also, according to the World Investment Report adopted by the United Nations Conference on Trade and Development, the Kingdom placed 14th in measured FDI inflows.
Dr. Awwad reviewed the strengths that helped the Kingdom move forward on economic reforms, which included the direct support and personal follow-up of the Kingdom’s leadership and the keen interest of officials in various ministries and state agencies, which amended their regulations and developed their procedures to align with global standards and the directions of the state.
Dr. Awwad confirmed that the establishment of the National Competitiveness Center, which supports SAGIA and relevant government agencies in the implementation of this national program, evolved the process of enhancing the investment environment in the Kingdom. The process is now structured according to scientific metrics and a planned methodology. This system has helped to increase the pace of reform and development, driving the Kingdom within four years to advance numerous ranks in the reports of international competitiveness. This conveys a positive image of the economic and investment situation in the Kingdom, because these reports have a direct impact on the decisions of investors in the identification and investment destination.
The Doing Business Forum in Abu Dhabi, which aims to highlight the Doing Business 2010 report, announced the launch of Doing Business in the Arab World 2010 report. The forum also highlighted global and regional experiences and best practices in business registration, bankruptcy, and judicial reform. It was attended by high-level representatives from the public and private sector, including government officials, Chief Executives, academic and legal professionals, the judiciary, and representatives of international business registration forums.
About Saudi Arabian General Investment Authority (SAGIA):
SAGIA's vision is to act as a gateway to investment in Saudi Arabia. It seeks to attract sufficient investment to achieve sustainable rapid economic growth while capitalizing on the Kingdom's competitive strengths as the global capital of energy, and as a major hub between East and West.
SAGIA’s mission is to position Saudi Arabia among the Top 10 most competitive nations by 2010 through the creation of a pro-business environment and a knowledge-based society. It aims to make Saudi Arabia a favorable investment destination in the region and throughout world.
About the National Competitiveness Center (NCC):
The NCC was established by SAGIA in 2006 to act as an independent body to monitor, assess, and support the enhancement of competitiveness in the Kingdom of Saudi Arabia. The NCC fully supports SAGIA’s 10x10 campaign to make Saudi Arabia one of the top 10 most competitive countries in the world by 2010. The NCC fulfils its role by serving as a think tank, facilitator, and communicator of change.