Saudi Gazette report
RIYADH — The Saudi Investment Marketing Authority, recently created by the Council of Ministers, affirms that it would seek to promote the Kingdom as a global and local investment destination, and market investment opportunities across all sectors, in addition to promoting businesses and services related to investment marketing.
According to the regulation, approved by the Cabinet, there are 19 responsibilities for the authority, the most prominent of which are preparing general policies related to investment marketing, the investment marketing strategy, and the plans and programs necessary for their implementation. It will also undertake works related to investment marketing inside and outside the Kingdom to publicize the advantages, opportunities, and incentives of investment in the Kingdom, managing a unified national identity for marketing investments and attracting them to the Kingdom and that is in coordination with the Ministry of Investment and relevant authorities, in order to unify messages and content and coordinate marketing and media efforts for investment.
The authority is responsible for supporting investment marketing activities undertaken by relevant ministries, authorities, and the private sector. It develops and implements media plans supporting investment marketing both inside and outside the Kingdom. The authority also proposes amendments to regulations related to its mandate, organizes forums, conferences, and exhibitions to market investment both inside and outside the Kingdom, works to attract international conferences related to investment marketing, contributes to the development and support of local conferences, and develops new initiatives to this end.
The authority works to encourage partnerships that achieve development goals between local and foreign investors. It utilizes specialists and experts from distinguished local and international companies and institutions to provide professional products and tools and benefit from their expertise in the field. It also collaborates with the Ministry of Investment in identifying indicators that measure investment marketing performance.
The authority’s mandate, as stipulated in its bylaws, includes providing support for the ministry’s programs and initiatives related to investment marketing outside the Kingdom, collecting and monitoring investor feedback and challenges, and providing them to the ministry for remediation.
Regarding the organizational and administrative structure of the Investment Marketing Authority, the bylaws stipulate that the authority shall have a legal personality and financial and administrative independence. It shall be organizationally affiliated with the Minister of Investment and shall have a Board of Directors chaired by the minister. Its membership shall include representatives from the Ministry of Investment and government agencies designated by order of the Prime Minister, provided that their number does not exceed four. The Board shall also include three representatives with expertise and specializations, appointed by order of the Prime Minister upon the nomination of the authority’s chairman.
The Investment Marketing Authority shall have a Chief Executive Officer, who will be appointed and dismissed by a decision of the Board of Directors. His main duties include proposing plans to develop investment marketing activities in the Kingdom and overseeing the preparation of the investment marketing strategy