Saudi Arabia’s Investment Minister Khalid Al-Falih emphasized the Kingdom’s dedication to creating a supportive and secure environment for investors.
The recent approval of the new Investment Law by the Council of Ministers marks a significant step in the Kingdom’s strategy to diversify its economy under Vision 2030.
Minister Al-Falih expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for their unwavering support for the investment sector.
He highlighted that the new law builds on various reforms to enhance the attractiveness and competitiveness of Saudi Arabia’s investment environment, particularly in regulatory and legislative aspects.
The new Investment Law reflects Saudi Arabia’s commitment to adopting global best practices.
It revises the 25-year-old Foreign Investment Law, creating a comprehensive framework that caters to both local and foreign investors. This approach aligns with the Kingdom’s economic principles and long-term investment policies.
Since the launch of Vision 2030, Saudi Arabia has implemented a series of regulatory reforms to improve its investment climate.
These reforms include the enactment of civil transactions, privatization, corporate, and bankruptcy laws, as well as the establishment of special economic zones.
Over the past few years, Saudi Arabia has undertaken more than 800 economic reforms to boost its global competitiveness.
These efforts, led by the National Competitiveness Center in collaboration with relevant government entities, have significantly increased the Kingdom’s fixed capital formation by 74% since 2017, reaching nearly $300 billion in 2023.
Foreign direct investment (FDI) also surged, with a 61% increase in FDI stock between 2017 and 2023, totaling approximately $215 billion. FDI inflows rose by 158% in 2023 compared to 2017, reaching 19.3 billion Saudi riyals.
