In a statement to mark Saudi Arabia’s 87th National Day, the minister of commerce and investment Majid Al-Qassabi said on Saturday that the Kingdom has a total of 7,827 foreign projects in the country.
The minister said this showed a steady line in trade and investments, with the number of licensed investment projects registered during the first half of 2017 up by 130 percent.
158 projects have been licensed in the month to June, with a capital of $868.7m, compared to 127 projects with a capital of $370m during the first half of 2016.
“Work is underway to facilitate all procedures, and review legislation to stimulate the investment environment,” he added.
Al-Qassabi said the country is committed to improving its legislative and investment environment.
“The system of bankruptcy, the commercial mortgage system, franchise system and e-commerce system have been already completed,” he said.
To that end, his ministry has set up Meras, a business improvement committee that aims to increase the contribution of the private sector to the Kingdom’s GDP.
Initiatives include regulations allowing foreign investors to obtain business visit visas within 24 hours, and the opening of foreign investment to full ownership in the education and health sectors.
The moves are part of the Kingdom’s Vision 2030 to reduce its reliance on oil, launched this summer by Mohammad bin Salman, the crown prince of Saudi Arabia.