RIYADH: The Saudi Minister of Investment, Khalid Al-Falih, has approved the executive regulations of the Investment Law, aimed at implementing its provisions and advancing its stated objectives, according to the report.
The new regulation comprises 37 articles and sets out comprehensive guidelines to enhance transparency, protect national interests, and facilitate foreign investment in the Kingdom.
One key provision affirms that foreign investors have the right to express their views and submit relevant documents during procedural reviews.
The Ministry of Investment is also obligated to engage with foreign investors to assess alternative measures that could mitigate risks to national security.
If an agreement is reached that addresses such concerns, the Ministry may suspend procedures prior to issuing any decision.
The regulation highlights several factors for consideration in investment-related decisions, including the investment’s economic impact, its sector, the size of the investment, and its effect on the local economy or environment.
It also ensures that no discrimination occurs among investors unless justified by legitimate public policy goals.
Importantly, the regulation guarantees the freedom to transfer funds related to investments into and out of Saudi Arabia.
This includes initial and additional capital, profits, dividends, royalties, fees, salaries, and proceeds from the sale or liquidation of investments, provided transfers comply with applicable laws.
However, the regulation allows for delayed or restricted transfers under fair, non-discriminatory laws in specific cases such as bankruptcy, criminal investigations, securities regulations, or legal rulings.
The new rules reflect the Kingdom's continued push to create an investor-friendly environment while maintaining safeguards for economic and national security.
[Reported by Saudi Gazette]
