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S. Arabia endorses updated investment regulation
(MENAFN) In a significant move to enhance its investment landscape, Saudi Arabia’s Cabinet has approved a new investment law designed to support the nation’s Vision 2030 and National Investment Strategy. This updated legislation marks a departure from the previous international investor licensing system, introducing a streamlined registration process intended to simplify and expedite business operations.
The new law establishes dedicated service centers to facilitate transactions, aiming to improve efficiency and responsiveness in the investment process. It promotes fair competition and provides robust support for both domestic and international investors. Additionally, it ensures access to high-quality dispute resolution through the Saudi Arbitration Centre, reinforcing the country’s commitment to upholding investor rights.
One of the key features of the updated law is its integration of existing freedoms and rights into a cohesive framework. This move enhances transparency and flexibility, thereby boosting investor confidence. By aligning with international investment principles, the law guarantees adherence to the rule of law, fair treatment, property rights, and the seamless transfer of funds.
This legislative reform is part of Saudi Arabia’s broader push to invigorate its investment sector, which has already witnessed a remarkable 74 percent increase in gross fixed capital formation and a 158 percent rise in foreign direct investment (FDI) inflows between 2017 and 2023. Set to come into effect in 2025, the updated law aligns with the standards of the Gulf Cooperation Council (GCC), World Trade Organization (WTO), and other global frameworks.
Minister of Investment Khalid Al-Falih highlighted the new law's crucial role in creating a secure and attractive investment environment amid ongoing global market volatility, underscoring Saudi Arabia’s commitment to fostering a dynamic and competitive business climate.
The new law establishes dedicated service centers to facilitate transactions, aiming to improve efficiency and responsiveness in the investment process. It promotes fair competition and provides robust support for both domestic and international investors. Additionally, it ensures access to high-quality dispute resolution through the Saudi Arbitration Centre, reinforcing the country’s commitment to upholding investor rights.
One of the key features of the updated law is its integration of existing freedoms and rights into a cohesive framework. This move enhances transparency and flexibility, thereby boosting investor confidence. By aligning with international investment principles, the law guarantees adherence to the rule of law, fair treatment, property rights, and the seamless transfer of funds.
This legislative reform is part of Saudi Arabia’s broader push to invigorate its investment sector, which has already witnessed a remarkable 74 percent increase in gross fixed capital formation and a 158 percent rise in foreign direct investment (FDI) inflows between 2017 and 2023. Set to come into effect in 2025, the updated law aligns with the standards of the Gulf Cooperation Council (GCC), World Trade Organization (WTO), and other global frameworks.
Minister of Investment Khalid Al-Falih highlighted the new law's crucial role in creating a secure and attractive investment environment amid ongoing global market volatility, underscoring Saudi Arabia’s commitment to fostering a dynamic and competitive business climate.
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