Saudi Arabia rewrites rules to attract more foreign investment
The new regulations scrap the issuance of foreign investor licenses in favor of a streamlined registration process that is more user-friendly
Khalid Al-Falih, Saudi Arabia’s Minister of Investment (Photo: Getty Images)
Saudi Arabia is starting from the ground up to make the kingdom “a welcoming and secure environment” for international business, in the words of Investment Minister Khalid Al-Falih.
The government announced new regulations on Sunday that scrap the bureaucracy-heavy issuance of foreign investor licenses in favor of a streamlined registration process that aims to remove roadblocks to investment.
According to the Ministry of Investment, the measures will guarantee the rule of law, fair treatment and the freedom to transfer funds without delay.
In recent years, Saudi Arabia has introduced a raft of measures to woo foreign investment, including issuing visas specifically for investors, creating special economic zones with lower tax rates, and overhauling money transfer and bankruptcy laws.
With ambitious building plans across the country, including the $1.5 trillion Neom mega-project along the Red Sea coast, Saudi Arabia seeks to attract more than $100 billion in foreign direct investment a year by 2030 as part of an effort to shift the economy from dependence on oil.