Saudi Arabia His vision 2030 reforms has announced a major amendment to the law for investment under the strategy, aimed at international Investors To attract
According to Arab News, the amended legislation consolidates the existing rights and freedoms of investors into a stronger framework, designed to facilitate and improve transparency and business activities.
The amended law guarantees better protections to investors, including ensuring the rule of law, fair treatment and property rights, while ensuring protection of intellectual property and facilitating easy transfer of funds. is an important part of
The new law will simplify the registration process, replace complex licensing requirements with a simplified system and introduce new service centers to speed up government transactions and investment procedures.
The amendment is part of a series of investment-friendly measures that include the Civil Transactions Act, the Private Sector Partnership Act, the Companies Act, the Bankruptcy Act and the creation of Special Economic Zones.
Saudi Investments Minister Khalid Al-Falih said: ‘This law will create a welcoming and safe environment for investors, drive economic growth and strengthen Saudi Arabia’s position as a premier destination for global investment. reaffirms the Kingdom’s commitment to build.’
He added: ‘The policy direction set out in Vision 2030 helps investors invest with certainty and grow with confidence at a time when many other markets are experiencing significant volatility. .’
The purpose of this law is to promote a competitive market environment by promoting fair competition and ensuring equal treatment of domestic and international investors.
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It also provides access to advanced dispute resolution mechanisms through the Saudi Arbitration Center and other affiliated institutions.
Saudi Arabia’s investment-friendly policies have already shown significant results, with gross fixed capital formation increasing by 74 percent to nearly $300 billion in 2023 and foreign direct investment, or FDI, increasing by 158 percent in 2017. increased from $7.46 billion to $19.3 billion in 2023.
Khalid Al-Falih added that this amended law for investment contains a wide and diverse agenda including the establishment of special economic zones, improving the quality of life.
The latest regulations drawn up by the Ministry of Investment will come into effect in 2025 and are aligned with Gulf Cooperation Council and World Trade Organization standards, as well as other international investment agreements.
Commenting on the development, Saudi Finance Minister Mohammad Al-Jadaan wrote on X that ‘the revised law is an important update to the investment regulatory framework that will increase opportunities for private sector investment under Saudi Vision 2030 and more. contributes to a competitive economy.’
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2024-08-12 15:16:30
