A Cabinet decision published in the Kingdom’s Official Gazette “Umm Al-Qura”, today, Friday, stipulated that the Ministry of Investment include a center called the “Comprehensive Services Center” that includes liaison offices that include full-time representatives of all government agencies related to investment, such as the ministries of interior, energy, human resources and social development.
The decision indicated that the Ministry of Investment will replace the General Investment Authority in the Kingdom, starting from the date of publication in the Official Gazette, to be the competent authority and the main reference in relation to the regulation and development of local and foreign investment and the protection of investors.
Functions and objectives of the Ministry of Investment
The organization of the Ministry of Investment affirmed that it has the authority, without prejudice to the competencies and responsibilities of other bodies, to do everything necessary in order to achieve 16 goals, which are:
Preparing the national investment strategy in the Kingdom and supervising its implementation after its approval.
Preparing general policies for investment development and enhancing competitiveness
Suggesting investment-related regulations projects and reviewing existing regulations
Issuing investment licenses and organizing their procedures
Determine the indicators that measure investment performance in the Kingdom
Develop executive plans and rules to ensure the creation of an investment environment
Attracting investments by organizing conferences, seminars and exhibitions
Establishing a database for investment in the Kingdom and its indicators for the governance of national data
Supporting Saudi investment abroad
Enhancing investment sustainability
Coordination between government agencies
Representing the Kingdom in regional organizations, bodies, forums and conferences related to the sector
Conducting studies and research related to its specializations
Concluding agreements related to the activities of the Ministry with the concerned authorities
Representing the government in negotiations with strategic investors and designing investment incentives
– Any task assigned to it legally
The ministry’s organization indicated that the Minister of Investment will undertake 13 specializations, most notably approving the amendment of financial and administrative regulations, deciding on applications for and canceling investment licenses, and proposing a list of the types and activities of activities excluded from foreign investment.
The Saudi Council of Ministers, during its session, on May 25, last year, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, Prime Minister, approved the organization of the Ministry of Investment.
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