Riyadh-Property
\n 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.
\nAl-Othman explained in a press statement that work is currently underway according to two tracks, one to remove obstacles that prevent attracting quality investments, and the other 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.
\n Engineer Abdullatif bin Ahmed Al-Othman, Governor of the Saudi Arabian General Investment Authority (SAGIA), stressed the importance of the Kingdom embarking on an unconventional path to capitalize on the economic potential and investment advantages it possesses by focusing 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 to support 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.
\nHe said that work is currently being carried out according to two tracks: 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.
\n He also pointed out that SAGIA is currently working to develop its databases and information and enhance its capabilities in the field of research and studies related to investment regulations and policies, and that the competent departments in SAGIA will periodically announce the details and types of licenses, stressing at the same time that the increase in the volume of investment flows in the Kingdom has been in traditional capital-intensive sectors, and there is an almost complete absence of value-added investments in promising sectors and fields, considering this as one of the challenges that we must face as government agencies to find new investment channels and horizons that represent the investment system in the Kingdom of Saudi Arabia. The Governor of SAGIA touched on a number of measures and issues that concern the investment system in the Kingdom<\/p>","protected":false},"excerpt":{"rendered":"
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