New SAGIA drive to boost Saudi economy
Saudi Arabian General Investment Authority (SAGIA) is introducing incentives for value-added foreign investments in a forward step to attract more foreign investors, says a senior official from the authority.
Ayed Al-Otaibi, director of Investment Regulations Development and Procedures, said that Paragraph 3 of Article VIII has now been removed to pave the way for investors to benefit from more incentives.
A series of efforts to attract value-added investments into the Kingdom will eventually contribute to the development of national economy, he said.
Necessary amendments have been made upon the approval of the board of directors of SAGIA, said Al-Otaibi. These are primarily concerned with attracting companies that aim at developing their foreign ventures in the Kingdom, he explained.
The new amendments will provide more benefits to investors while further improving the investment climate in the Kingdom, said Al-Otaibi.
The new regulation will come into effect as soon as the amendments are published in the official government gazette Ummul Qura.
As the region’s largest economy and the world’s 19th largest, the sheer size of the markets that Saudi-based projects serve is “a competitive advantage, allowing Saudi businesses to benefit from economies of scale.”
With excellent access to Saudi Arabia and other MENA markets, as well as the advanced and emerging economies of nearby Europe and Asia, market exposure for Saudi-based projects is not only vast but also highly diversified. Being one of the world’s Top 20 most competitive economies makes Saudi Arabia the perfect investment destination.