ALBAWABA - As part of its Vision 2030 reform strategy, Saudi Arabia has announced an extensive revamp of its investment law, aiming to make the kingdom more appealing to foreign investors by combining the rights and liberties currently enjoyed by investors into a single, unified framework that will increase transparency and facilitate business operations, as per Arab News.
The revised legislation pledges to provide investors with stronger protections, such as adherence to the rule of law, fair treatment, and property rights. Additionally, the law would provide rigorous safeguards for intellectual property and facilitate seamless financial transfers.
The revised legislation, administered by the Saudi Arabian Ministry of Investment (MISA), adheres to international standard practices and was developed after a thorough investor engagement process, according to Saudi Gazette, with the World Trade Organization (WTO), the Gulf Cooperation Council (GCC), and other bilateral investment treaties and international commitments being compliant with the legislation.
The World Investment Report 2024 highlights that less than half of new investment policies in advanced economies have been pro-investment over the past six years. In contrast, Saudi Arabia has introduced several pro-investment measures, including new laws and special economic zones, which have created a supportive and stable environment for investors.
Minister of Investment, Eng. Khalid Al-Falih, commented following the approval of the Investment Law that “the updated law is an extension of many development measures taken by the Kingdom, and confirms its commitment to providing an attractive, supportive and safe environment for local and foreign investors.”
“The policy direction outlined in Vision 2030 allows investors to invest with certainty and to grow with confidence at a time when many other markets are experiencing considerable volatility. The updated investment law builds on an extensive diversification agenda from an enhanced quality of life offering to investment specific measures such as the establishment of special economic zones,” the minister added.
