The Saudi Investment Marketing Authority gets the green light: The cabinet approved the regulation of the Kingdom’s Investment Marketing Authority (IMA) during its weekly meeting on Tuesday, state news agency SPA reported.

REFRESHER- Cabinet had signed off on establishment of the IMA in 2022, replacing the former investment marketing agency and investor outreach agency.

The IMA aims to drive foreign direct investment (FDI), support national investors, and boost economic growth, Al Arabiya quotes Investment Minister Khalid Al Falih as saying. The newly-minted authority will promote potential investments in the Kingdom, with a focus on key sectors like technology, manufacturing, tourism, logistics, renewable energy, healthcare, education, and real estate.

Cabinet also approved the Saudi-Egypt Agreement on Promotion and Mutual Protectionof Investments that is expected to help protect Saudi investors as they ramp up investment in Egypt. The agreement is expected to bring upwards of USD 10 bn in bilateral investments over the next three years.

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