The Executive Director and Interim President and CEO of the Saudi-American Business Council (SABC) has commended the pivotal role of Saudi Arabia’s new foreign investment system, reported the Saudi Press Agency (SPA).
Susanne Lindman stated that the new system greatly boosts the economic ties between Saudi Arabia and the United States.
Lindman clarified that the system establishes an easy and transparent investment environment and unleashes new untapped horizons between Saudi and American companies.
She also praised the system’s focus on addressing the challenges of investment and adopting the strategies of the SABC to strengthen trade ties between the two countries.
In an exclusive interview with SPA, Lindman underscored that there are abundant opportunities to foster the bilateral cooperation by expanding joint projects and partnerships between the public and private sectors.
Furthermore, she emphasized the SABC’s commitment to facilitating these partnerships, providing strategic advice, and linking companies through trade missions and business forums.
The speaker highlighted that the SABC has organized over 60 business development missions and held more than 500 seminars and networking events. As a result, it linked tens of thousands of companies with each other and provided them with professional market insights and allowed them to share the cultural and commercial environment of their countries.
Moreover, the CEO shed light on the Kingdom’s bold endeavors to invest in technology and innovation across various fields, notably the artificial intelligence, cybersecurity, biotechnology, renewable energy sources, and petrochemical transformation.
Updated Investment Law
One week ago, Saudi Arabia’s Cabinet approved the investment system that aligns with Saudi Vision 2030 and the National Investment Strategy (NIS), according to SPA.
The Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, emphasized that the approval of the system stands as a testament to the Kingdom’s commitment to providing an attractive, supportive and safe environment for local and foreign investors.
The Minister concluded his statement by stressing that the updates will foster the economic growth and strength the Kingdom’s position as a prestigious global investment destination.
He said that the system and its executive regulations will enter into force in early 2025, and for those interested can obtain more information about the investment system via this link:
https://investsaudi.sa/en/resources/updatedInvestmentLaw
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