ABHA: Saudi Arabia’s integrated investment ecosystem is enhancing the attractiveness of the Kingdom’s business environment across all regions, with Asir standing out as a promising destination, according to a senior executive.

During a panel session at the second Asir Investment Forum in Abha, Khalid Al-Khattaf, CEO of the Saudi Investment Promotion Authority, highlighted the region’s unique natural, economic, and cultural assets that position it for significant potential, the Saudi Press Agency reported.

The session highlighted the region’s tourism transformation and the roles of government entities and the private sector in driving projects and fostering an investment-friendly environment.

Al-Khattaf noted that Saudi Arabia boasts one of the world’s most competitive environments, thanks in part to the efforts of the National Committee for Identifying and Developing Opportunities, which has introduced over 1,900 investment prospects valued at more than SR1 trillion ($266.6 billion) across 22 vital sectors.

These opportunities align with Vision 2030 and the National Investment Strategy, which aims to double investment volume and attract SR12.4 trillion by 2030. Sector-specific strategies also offer long-term visibility and regulatory stability for investors.

“We have presented more than 1,900 opportunities through the ‘Invest in Saudi Arabia’ platform, including sectors such as tourism, hospitality, agriculture, real estate and others,” Al-Khattaf said.

Furthermore, the Kingdom’s strategic geographic location, at the crossroads of three continents and within reach of over half the world’s population in seven hours, positions it as a global hub for business, tourism, and services.

Al-Khattaf emphasized Asir’s unique offerings, including 80 percent of the Kingdom’s forests, its highest mountain peak, more than 4,000 historical villages, and globally recognized heritage sites such as Rijal Almaa.

He highlighted that the region is well-positioned to become a premier tourism and investment destination, particularly as Saudi Arabia channels over $800 billion into tourism projects to help meet its goal of attracting 150 million visitors by 2030.

He also pointed to key investment enablers, such as exemptions from foreign investment fees, accommodation levies, government land charges, and value-added tax.

Al-Khattaf outlined the pivotal role of the Saudi Investment Marketing Authority in promoting investment prospects throughout the Kingdom, particularly in high-potential regions such as Asir. This includes digital platforms, international events, and direct investor engagements.

A dedicated Asir page is featured on the new version of the platform in seven languages, highlighting key indicators, opportunities, and reports, including a special “Invest in Asir” report developed by the Ministry of Investment to inform investors of the region’s advantages.

The authority, in collaboration with its partners in the investment system, continues to improve the legal and regulatory environment, SPA reported.

A new law now allows for 100 percent foreign ownership and guarantees equal rights for both local and international investors.

“We have developed a program to listen to investors and understand their challenges, in addition to focusing on improving the investor experience through comprehensive service centers, relationship managers, the ‘Investor Journey’ guide, and dedicated reports such as ‘Invest in Asir,’ in addition to investor listening programs to ensure that challenges are addressed directly,” Al-Khattaf  said.

He also noted the authority’s close coordination with the Asir Development Authority to align with the region’s strategy and future goals. This collaboration has led to the identification of over 46 high-quality opportunities in the tourism sector.

 As of the end of 2023, direct investments in Asir had exceeded SR7.68 billion, placing it sixth among the Kingdom’s regions in terms of foreign investment stock.

The number of active foreign investment licenses in Asir reached 467 by early 2025, reflecting growing investor interest and confidence in the region’s potential and investment environment.

DUBAI: Syrian Economy Minister Mohammad Nidal Al-Shaar has said his country is working on developing a new currency but will not make any hasty decisions.

Speaking at the Arab Media Summit on Wednesday, Al-Shaar said the new Syrian government was “dealing with this calmly and patiently” and pointed to the economy’s flaws under Bashar Assad’s regime.

“The regime had different channels to pay salaries, one was through royalties that were imposed on traders and the other was through captagon production. When the regime fell, these stopped so there is a shortage in liquidity currently,” he explained.

Liquidity was the main challenge faced by Syria’s economy, he added, as the previous regime had retrieved most of the country’s liquid assets from overseas before it fell.

“We are working on retrieving our funds from abroad in cash; unfortunately the regime was able to retrieve most of it but something is better than nothing,” he said.

Earlier this year, the UAE invested $800 million to develop the Syrian port of Tartous after the US lifted sanctions.

Al-Shaar said Syria was striving to become an open economy and attract foreign investment but was being selective to avoid creating economic chaos.

“Brotherly countries of the Middle East are all looking forward to protecting Syria from chaos, the Syrian people are tired of (it) and cannot bear any more,” he added.