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Saudi Arabia Reforms Investment Law to Attract Global Investors

Aug 11, 2024 1 min read

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Saudi Arabia has approved an updated Investment Law as part of its Vision 2030 framework, aiming to diversify the national economy and attract foreign direct investment (FDI). The new law, set to take effect in early 2025, will enhance investor rights, ensure fair treatment, and facilitate seamless fund transfers. It replaces foreign investor licenses with a simplified registration process and will establish dedicated service centers to expedite investment procedures.

Minister of Investment Khalid Al-Falih emphasized that the updated law aligns with global best practices and supports the Kingdom's comprehensive development goals. Saudi Arabia aims to attract over $100 billion in FDI annually by 2030 to foster new industries beyond the oil sector. Recent years have seen the Kingdom introduce various measures to attract foreign capital, including special economic zones with lower tax rates and new laws related to civil transactions and bankruptcy. The updated law also aligns with international treaties and obligations, enhancing the Kingdom's position as a global investment destination.

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