SAGIA seeks public opinions on draft investment law

Saudi Arabian General Investment Authority (SAGIA) is seeking public opinions on the draft investment law released today, Aug. 27.

The new regulation aims to improve the Kingdom’s investment climate, boost growth rates, and provide job opportunities so as to achieve sustainable development, SAGIA said in a statement.

Under the new regulation, some business activities could be limited to locals in certain economic sectors, where restriction of foreign investment is better than its prevention. 

Such restriction will be either through imposing a maximum or minimum limit on foreign investment in a certain activity.

Meanwhile, foreign investors registered in the Kingdom will enjoy almost the same preferential treatment of local investors under similar conditions.

They also have the same privileges, incentives and guarantees granted to local investors under similar conditions.

This covers expansion, management, sale and disposal of investments pursuant to the related laws.