RIYADH: As part of its Vision 2030 reform plan, Saudi Arabia has announced a major revision to its investment legislation to attract more foreign investment.
The updated legislation unifies the various investor rights and freedoms into a single, cohesive framework to increase transparency and facilitate business operations.
The amended legislation promises improved investor protections, such as respect for the law, equitable treatment, and property rights. It also provides strong protections for intellectual property and eases fund transfers.
It expedites government transactions and investment procedures by streamlining the registration process and introducing new service centres to replace complicated licensing requirements with a more straightforward system.
The update follows the introduction of the Private Sector Participation Law, the Companies Law, the Bankruptcy Law, the Civil Transactions Law, and the establishment of Special Economic Zones, which are among the pro-investment measures.
“The law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination,” stated Saudi Investment Minister Khalid Al-Falih.
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