Saudi Arabia reveals overhaul of investment law as part of Vision 2030 reform initiative

(MENAFN) Saudi Arabia has unveiled a major overhaul of its investment law as part of its Vision 2030 reform initiative, aimed at enhancing the Kingdom’s attractiveness to international investors. This significant legislative update integrates existing investor rights and freedoms into a streamlined framework designed to boost transparency and simplify business operations.

The revised investment law promises to offer stronger protections for investors, emphasizing adherence to the rule of law, fair treatment, and the protection of property rights. It also ensures robust safeguards for intellectual property and facilitates seamless fund transfers. To further simplify the investment landscape, the new law replaces complex licensing requirements with a more straightforward registration process and introduces new service centers to accelerate government transactions and investment procedures.

This update is part of a broader set of pro-investment measures, including the implementation of the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law, and the establishment of Special Economic Zones. Saudi Investment Minister Khalid Al-Falih highlighted that the new law reinforces Saudi Arabia's commitment to providing a secure and welcoming environment for investors, supporting economic growth, and strengthening the Kingdom's position as a leading global investment destination.

Al-Falih emphasized that the Vision 2030 policy framework allows investors to operate with greater certainty and confidence, especially in a time of global market volatility. The updated legislation also aims to foster a competitive market by promoting fair competition and ensuring equal treatment for both domestic and international investors. Additionally, it provides access to advanced dispute resolution mechanisms through the Saudi Arbitration Center and other affiliated entities.

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