Investment regulations are being streamlined in the Kingdom. The Saudi Arabian General Investment Authority (SAGIA) has reduced the time to obtain an investment license from 53 hours to 4 hours.
The remarkable improvement was due to three initiatives: restructuring the processes, reducing the required documents, training and qualifying the cadres. Ibrahim S. Al Suwayel, deputy governor for Investors’ Services and Consultancy, said the restructured processes include issuing, amending and renewing investment licenses.
Earlier, eight documents were required to get a license, but now only two documents are required. These two documents are financial statements and commercial registers attested by Saudi embassy where the company seeking investment license is located.
Read more about this story at Saudi Gazette.
Vision 2030: A Commitment to Investment
Vision 2030 is an is ambitious package of economic, political and social development. Vision 2030 is built around three pillars – a vibrant society, a thriving economy and an ambitious nation. It builds on the strengths of the Kingdom – an investment powerhouse, located in the heart of the Arab and Islamic worlds, acting as a regional hub connecting three continents.
In the economic sector, regulations have been streamlined to encourage foreign investment. A renewed emphasis has been placed on small- and medium-sized enterprises. The Saudi education system is focused on closing the skills gap and training students for the job market. Vision 2030 has led to a major surge in international investment in the Kingdom. Investors have long viewed the Kingdom as an attractive place to conduct business due to the emergence of key opportunities for partnership in a number of industries, including healthcare, manufacturing, and technology. The economic growth associated with these initiatives has led to increased employment opportunities for Saudi women.
Among the economic goals of Vision 2030 are the following:
- Increase private sector contributions to Gross Domestic Product from 40 percent to 65 percent
- Raise Saudi Arabia’s ranking on the Global Competitiveness Index from 25th to among the Top 10 nations
- Increase foreign-direct investment from 3.8 percent of GDP to the international average of 5.7 percent of GDP
- Rank Saudi Arabia among the Top 15 largest economies in the world
- Increase the assets of the Public Investment Fund from SAR 600 billion to over SAR 7 trillion ($160 billion to over $2 trillion)
- Increase localization of oil and gas sectors from 40 percent to 75 percent
- Increase women’s participation in the workforce from 22 percent to 30 percent
- Lower rate of unemployment from 11.6 percent to 7 percent
- Increase contributions of small and medium enterprises from 20 percent to 35 percent of GDP
- Increase share of non-oil exports from 16 percent to 50 percent of non-oil GDP
- Raise Saudi Arabia’s global ranking in the Logistics Performance Index to 25th place