The Ministry of Investment is drafting a new Investment Law to ensure equal treatment for local and foreign investors.
The law aims to support the principle of competitive neutrality and fairness and ensure equal treatment of direct investments made by public and private investors.
The local and foreign investors will be subject to the same sectoral approval conditions for licenses and registration and approvals or permits for certain economic activities or special economic zones.
The new law aims to facilitate the procedures for attracting and protecting direct investments, enhancing the investment environment, preserving investor rights, and increasing their confidence in local investments.
Foreign investors will enjoy neutral treatment without any discrimination. They will have the freedom to conclude commercial contracts, acquire, liquidate or sell any company, facilitate procedures, and provide facilities by making available the necessary support and assistance by all competent authorities. They will be able to manage, sell and dispose of their economic projects.
The law also covers transferring funds from inside and outside the Kingdom. It also includes selling and liquidating it through regular channels using any recognized currency inside the Kingdom or disposing of it by any other legitimate means.
The new law imposes penalties amounting to SR500,000 on anyone who violates the law or its executive regulations after giving him a deadline to rectify the violations.