. A statement issued by the Authority yesterday explained that the Board of Directors agreed to cancel this paragraph based on the review conducted by the Authority on the content and purpose of the existence of such a paragraph, and in light of the feedback received from companies wishing to expand their investments in the Kingdom by granting them more flexibility and facilities in this aspect, as well as within the general trend towards granting more incentives, services and facilities to improve the investment environment and to attract and localize investments that add value to the Saudi economy.
The Director of the Authority's Development Department said that the Board of Directors agreed to cancel this paragraph. <Dr. Ayed Al-Otaibi, Director of the Investment Systems and Procedures Development Department at KDIPA, said: This amendment will provide more options available to investment companies, and comes within the framework of the periodic and continuous review to upgrade the level of services provided to investors, further improve and develop investment procedures in general, and grant more incentives and encouragement factors to attract and localize quality investments that add value to the Saudi economy.
Dr. Aiad Al-Otaibi, Director of the Investment Regulations and Procedures Development Department at KDIPA, said: "This amendment will provide more options for investment companies. <Al-Otaibi added: After reviewing this paragraph, SAGIA found that its continuation in the regulation is not consistent with SAGIA's primary role, which is to regulate the entry and attraction of investments to the Kingdom without interfering in the private contractual relations between companies that carry out their investment activity in the Kingdom, expecting to start implementing these amendments within the coming days, i.e. after their publication in the Official Gazette according to the procedures followed in this regard.
Al-Otaibi added that the amendments are expected to be implemented within the next few days.
