Saudi Arabia’s Cabinet has approved the investment system that aligns with Saudi Vision 2030 and the National Investment Strategy (NIS), reported the Saudi Press Agency (SPA).
The Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, expressed his sincere gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and his Crown Prince Mohammad bin Salman for their unwavering support to the investment system.
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.
Since the launch of Saudi Vision 2030, the Kingdom has embarked on a wild journey to of regulatory and legislative reforms in the investment environment, including the civil transactions, privatization, companies, bankruptcy, and a promising initiative to establish special economic zones systems.
Promising Achievements
Al-Falih indicated that the past few years have witnessed the implementation of more than 800 economic reforms designed to boost the Kingdom’s global competitiveness.
In collaboration with the National Competitiveness Center and other government agencies, these reforms increased the total fixed capital formation by 74% compared to 2017, to reach approximately $300 billion in 2023.
Furthermore, the balance of foreign direct investment (FDl) rose by 61% between 2017 and 2023, reaching about $215 billion.
FDI flows increased by 158% in 2023 compared to 2017, reaching $19.3 billion.
Thanks to these reforms and other initiatives and programs, the Kingdom has motivated businessmen and companies to invest in a positive, supportive and stable investment environment full of incentives, facilities and enablers.
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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