RIYADH: Saudi Arabia has unveiled its revised investment law as a part of its Vision 2030 strategy to attract international investors. The revised amendments consolidate investors’ rights and liberties into a single framework and enhance transparency, thereby facilitating business operations.
Key features proposed in the law include improved protection for investors such as compliance with the rule of law, fair treatment and property rights, along with adequate safeguards for intellectual property rights and efficient fund transfers. The law also simplifies the registration procedure, replacing complicated licensing requirements and opening new service centers to speed up government transactions and investment processes.
This update forms part of an effort to attract investment, following measures such as the Civil Transactions Law, Private Sector Participation Law, Companies Law, and the creation of Special Economic Zones. The law seeks to generate a competitive market environment by encouraging fair competition and equal treatment for both domestic and international investors in the market.
Additionally, the law provides additional dispute resolution techniques under the Saudi Arbitration Centre. The Ministry of Investment formulated the regulations that will come into effect in 2025, aligning the Gulf Cooperation Council and the World Trade Organization standards.
Saudi Investment Minister, Khaled Al-Falih stated that this law affirms Saudi Arabia’s commitment to provide a safe and welcoming environment for investors, to help boost the Kingdom’s economy and improving its status as a global investment hub. The revised law is expected to build on Saudi Arabia’s strategic diversification plan that has been characterized by an increase in gross fixed capital formation and foreign direct investment inflows.
