SAGIA AND MINISTRY OF JUSTICE CONDUCT WORKSHOP ON INVESTMENT REGULATION IN SAUDI ARABIA
HE Dr. Abdullah Al-Sheikh, Saudi Minister of Justice (MOJ) and HE Amr Al Dabbagh, Governor of the Saudi Arabian General Investment Authority (SAGIA) inaugurated in SAGIA headquarters a workshop to discuss the Kingdom's investment regulations. A number of judges from MOJ and concerned SAGIA specialists participated in this, the first workshop of its kind.
SAGIA is conducting this workshop in conjunction with MOJ to probe measures designed to repatriate capital as well as attract foreign investments, and the contribution of such measures to boosting the GDP and job creation.
Recognizing the efforts of HE Dr. Abdullah Al-Sheikh, Governor Dabbagh presented the Minister of Justice with a plaque for his role in improving the legal environment to match the needs of healthy investments.
In line with SAGIA’s efforts to improve the investment climate in Saudi Arabia, this workshop represents an action plan for the agreement that SAGIA had signed with MOJ. The agreement was endorsed by HRH Crown Prince Abdullah bin AbdulAziz, Head of the Higher Economic Council.
The workshop focused on the role of SAGIA and its vision for a better environment in the country, as well efforts to repatriate capital and attract foreign investors. Issues discussed included the foreign investment code, foreign investors’ rights, the mechanism that SAGIA adopts to identify serious investors, as well as procedures SAGIA follows to issue licenses.
The workshop also discussed the impact of the judicial system on the investment environment, its role in boosting investors’ confidence which leads them to taking the decision to invest in Saudi Arabia, the role of the public and private judicial authorities in securing investors' rights, and resolving disputes.
Saudi Arabian General Investment Authority (SAGIA) is a service entity aiming to provide services and facilities to promote investment and economic development in the Kingdom of Saudi Arabia (KSA). SAGIA was constituted in April 2000 under the directives of the Supreme Economic Council (SEC) as a catalyst to promote inward investments, facilitate exchange of best practice between the public and private sectors, act as an intermediary between the global community and the Saudi Government and its ministries and agencies. It also aims to contribute to economic policy-making substantiated by research and strategic criteria.
SAGIA’s role is complementary and supportive to the bodies directly concerned with the various investment sectors and working to finalize the investors’ procedures. SAGIA’s mission is to create a pro-business environment, providing comprehensive services to investors and foster investment opportunities in energy, transportation and knowledge-based industries. For more information on SAGIA please visit www.sagia.gov.sa.