Saudi Arabia has announced new business rules aimed at increasing transparency and simplifying the process of investing in the kingdom. The agency reports Bloomberg.
According to the publication, the updated investment law strengthens investors’ rights, guarantees the rule of law, fair treatment and freedom to transfer funds without delay. The country’s Ministry of Investment said that licences for foreign investors will be revoked and replaced with a “simplified” registration process.
“The law reaffirms Saudi Arabia’s interest in creating a conducive and safe environment for investors,” said Investment Minister Khalid Al-Falih.
The reforms are expected to come into effect at the beginning of 2025. Their goal is to attract more than $100 billion a year in foreign direct investment (FDI) by 2030 as part of efforts to develop new industries.
In 2023, foreign direct investment inflows were set at just over $19 billion, above the $17 billion annual average for 2017-2022 but below last year’s target of $22 billion. The kingdom attracted $4.5 billion in the first quarter of 2024 and is targeting $29 billion in per capita inflows for the full year.
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