Saudi Arabia has unveiled a set of seven investment principles to help develop a competitive investment environment in the kingdom, the Saudi Arabian General Investment Authority (SAGIA) announced on Tuesday.
Referred to as the “seven investment principles”, the announcement comes as Saudi Arabia is actively inviting the world to explore investment opportunities within the kingdom.
In 2018, Saudi Arabia saw foreign direct investment (FDI) rise by 127 percent year-on-year, according to SAGIA.
The principles include ensuring equality between Saudi and foreign investors, ensuring the protection of investment within the kingdom’s laws, enabling sustainability and transparency when addressing investor complaints and providing equal investment incentives and non-discriminative criteria for eligibility.
Other principles state that the kingdom will implement appropriate social and environmental regulations, facilitate access procedures for foreign workers and their families and ensure the transfer of knowledge.
“The rapid pace of economic transformation in the coming years is opening exciting investment opportunities, both in Saudi, a G20 economy opening up to international businesses and in the broader Middle East,” said SAGIA Governor Ibrahim Al Omar.
“These principles will play an important role in underpinning the reforms that are making it easier for investors to access these markets,” he said.
In its latest ‘Doing Business’ report, the World Bank ranked Saudi Arabia as the fourth largest reformer in the G20.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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