Riyadh—Amlak
Abdul Latif Al-Othman, Governor of the Saudi Investment Authority, revealed that files related to foreign investment projects licensed in the country are being monitored and reviewed. He said: «There are licenses that do not meet the desired investment standards and negatively impact not only the economy and development but also serious foreign investors.» In a press statement, Al-Othman emphasized the importance of licenses contributing positively to the success of projects, adding: «We periodically review the conditions and mechanisms for attracting investment, and I urge all investors who have obtained licenses to review their investments and ensure that they contribute positively to achieving the Kingdom’s development goals, while keeping in mind that we are committed to ensuring investments are technology-driven, create jobs for Saudi citizens, and contribute to diversifying sources of income.»
Regarding the decline in Saudi Arabia’s international investment climate ranking, Al-Othman said: «Yes, there has been a decline, and the lesson we have learned is this: we must recognize the importance of not slacking off. When we make progress or achieve a gain, we must maintain it—something all government agencies understand—and we must sustain the level we have reached,» adding: «We realize that the international ranking is not, in fact, an end in itself—it is the result of work and effort that must be sustained at all times, and once a certain ranking is achieved, all countries compete for it.» Al-Sheikh added: «A number of government agencies, including the Capital Market Authority, are putting the finishing touches on the regulatory framework to allow foreign direct investment in stocks under specific criteria,» noting that Saudi Arabia is attracting foreign investment to the market to benefit from technical expertise and human capital. The chairman of the Saudi Capital Market Authority said that his agency is working to «encourage institutional investment by diversifying investment instruments and promoting index funds and other debt instruments in the near future,« noting that the Kingdom’s market is suffering from increased speculation. He said: “The greater the volume of speculation, the greater the manipulation and violations of the system.”