Saudi’s new law may increase international business by 50%
Saudi’s investment policy is designed to ensure equal opportunities for both local and foreign investors. As the country looks to diversify from oil exportation, more than $936 million in funds was recently announced at the Global Entrepreneurship Congress 2022 to facilitate access of international companies into Saudi Arabian markets.
The World Bank projected Saudi’s GDP to reach $820 billion by 2022, compared to $700 billion in 2020. Foreign investors will enjoy neutral treatment without any discrimination under the new law.
In addition, the new investment law will grant foreign investors the freedom to manage, sell and dispose of their economic projects. They will also be able to conclude commercial contracts with the full support of all competent authorities. Both local and foreign investors will be subject to the same sectoral approval requirements for licenses and registration.
Moreover, Saudi’s participation in the Expo 2020 Dubai highlights the country’s potential as a leading business hub.
Also, figures revealed that the Saudi Pavilion recorded nearly five million visitors (which represented almost 25 percent of the total attendees) during the six-month-long global event.
The new law will level the playing field for foreign investors to bring about greater economic growth. Saudi’s economy is expected to more than double in 2022, with unemployment on the decline and a robust non-oil diversification progressing at an unprecedented pace.