Cayman Islands, Caribbeanand International News
Wednesday, Feb 01, 2023

Ministers, business leaders agree deals, discuss opportunities at Saudi-Caribbean investment forum

Ministers, business leaders agree deals, discuss opportunities at Saudi-Caribbean investment forum

The Saudi-Caribbean Investment Forum concluded on Thursday in Punta Cana, Dominican Republic, which was held in partnership with the Caribbean Association of Investment Promotion Agencies.

The forum featured participation of investment leaders from the public and private sectors in the Kingdom and the Caribbean countries to discuss investment opportunities and developments in priority sectors.

The forum, which included leaders in the tourism and hospitality sector for some of the world's leading luxury tourist destinations, was made up of a series of meetings between companies and investors from both sides to discuss developments in tourism and hospitality.

The Saudi-Caribbean Investment Forum was part of several investment forums and conferences organized by the Ministry of Investment to enhance international investment relations and support attracting foreign investment.

Multiple memoranda of understanding were signed during the forum to strengthen cooperation and explore investment opportunities in various sectors.

During the forum, the Undersecretary of the Ministry of Investment, Bader Al-Badr, stressed that the development of the tourism sector will play a key role in implementing the national investment strategy and achieving the goals of Kingdom's Vision 2030.

"The forum provides an opportunity for us to enhance the ability to exchange knowledge and build partnerships with some of the world's leading luxury tourism destinations, and we look forward to continuing to build relations between the Kingdom and the Caribbean in the coming years," he said.

Saudi Arabia has recorded strong growth in foreign direct investment in recent years, as the Kingdom's economic reforms have provided a wide range of opportunities for international investors.

The net growth of foreign direct investment rose last year by an unprecedented rate of 257.2 percent, and total inflows reached nearly $20 billion - the highest in a decade, even amid the pandemic-induced global lockdowns in 2020.

Meanwhile, foreign direct investment flows to the Kingdom continued to rise against global declines of 35 percent.


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