SAGIA: Adoption of Investment Principles promotes local, FDIs

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Dr. Ayedh Al-Otaibi

RIYADH — The Deputy Governor of the Saudi Arabian General Investment Authority for Development of the Investment Environment, Dr. Ayedh Al-Otaibi, said that the issuance of the Royal Decree approving the Investment Policy Principles document in Saudi Arabia and the confirmation of the adoption of best international practices in line with the Kingdom’s Vision 2030, will contribute to encouraging local and foreign investment and boosting the local production and achieve the desired economic diversification.

Dr. Al-Otaibi pointed out that the guidance of the High Commissioner guarantees the maintenance of the established principles and policies of investment in the Kingdom as listed below:

1. Ensuring equality between Saudi and non-Saudi investors, and among non-Saudi investors.

2. Ensuring the protection of property for all investments, according to the regulations of the Kingdom.

3. Enhancing the sustainability of investments, and taking clear transparent actions to deal with investor complaints.

4. Providing investment incentives when needed to enhance full transparency when granting the incentives, and preparing a list of investment incentives and granting them in accordance with general, clear, and non-discriminatory criteria.

5. Maintaining the environmental and social standards in order to ensure that Saudi and non-Saudi investors comply with the rules of labor, health, and environmental safety as provided by the national regulations and policies and the international conventions in which Saudi has acceded.

6. Facilitating the procedures for the entry to the Kingdom for non-Saudi employees including technicians, administrators, and their dependents; and arranging their residency in the Kingdom to facilitate their participation in activates related to foreign investments in accordance with the Kingdom’s regulations and its international obligations.

7. Transferring and localizing sciences and technology resulting from foreign direct investment in accordance with the Kingdom’s international obligations. — SG


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