Saudi Gazette report

RIYADH – The Ministry of Investment is set to open offices abroad, as the ministry’s system grants the minister the power to approve the establishment of branches for the ministry within the Kingdom and offices for it abroad, in line with the regulatory procedures.

The new system has given the minister the power to propose a list of types of activities that are excluded from foreign investment, and refer it for completion of regulatory procedures. The system urges the ministry to support Saudi investment abroad and address its challenges within the Kingdom and abroad.

The system has authorized the ministry to attract investments by organizing internal and external conferences, symposia, seminars, exhibitions and events, aside from announcing initiatives that incentivize investments.

According to the new system, the ministry will draw up a national strategy for investment in the Kingdom, prepare the general policies for investment growth and development, prepare the ideal investment environment and enhance its competitiveness, propose draft regulations related to investment, revise the existent regulations and suggest amending them.