Riyadh-Amlak
Engineer Abdul Latif Al-Othman, Governor of the General Authority for Investment, revealed the formation of a specialized technical committee to develop investment procedures and facilitate the entry of investments in promising sectors, providing more jobs, increasing the share of local purchases and contributing to the localization of technology.
Al-Othman explained in a press statement that the work is currently being carried out according to two tracks, the first is to remove the obstacles that prevent attracting quality investments, and the other is to address all loopholes that can be exploited to obtain investment licenses for purposes unrelated to these quality investments that Saudi Arabia is focusing on.
Engineer Abdullatif bin Ahmed Al-Othman, Governor of the Saudi Arabian General Investment Authority (SAGIA), emphasized the importance for the Kingdom to embark on an unconventional path to capitalize on the economic potential and investment advantages it possesses through its focus on qualitative investments and the added value they bring to the overall economy of the Kingdom. He revealed the formation of a specialized technical committee to develop investment procedures and facilitate the entry of investments in promising sectors that provide more jobs, increase the share of local purchases, contribute to the localization of technology, and other criteria aimed at directing private sector investments towards supporting the economic and social development efforts in the Kingdom, while dealing with some of the negatives that accompanied the application of the foreign investment system in the Kingdom during the past years, noting that the number of licenses issued under the foreign investment system so far reached about 11,242 licenses.
He said that work is currently being conducted according to two tracks, namely: Removing obstacles that prevent the attraction of quality investments, and addressing all loopholes that can be exploited to obtain investment licenses for purposes unrelated to these quality investments that the Kingdom focuses on.
He also pointed out that the Authority is currently working to develop its databases and information and strengthen its capabilities in the field of research and studies related to investment regulations and policies, and the competent departments of the Authority will periodically announce the details and types of licenses, stressing at the same time that the increase in the volume of investment flows witnessed by the Kingdom was in traditional sectors that rely on capital intensity, and there is an almost complete absence of value-added investments in promising sectors and areas, considering this one of the challenges we must face as government agencies to find new investment channels and horizons that represent new investment channels and horizons. The Governor of SAGIA touched on a number of measures and issues of interest to the investment system in the Kingdom