Saudi Arabia’s King Salman on Tuesday approved the Kingdom’s investment policy principles - based on international best practices – in line with Vision 2030.
The new seven principles aim to boost local, foreign investments, gross domestic product (GDP) and achieve the target economic diversification, Ayedh Al-Otaibi, deputy governor of the Saudi Arabian General Investment Authority (SAGIA), said, as quoted by Saudi Press Agency.
The investment principles are:
1) Ensure equality between Saudi and foreign investors;
2) Ensure protection of investments;
3) Enhance investment sustainability through clear and transparent procedures to address investor complaints;
4) Provide equal investment incentives, enhance transparency and grant investment incentives on an equal basis;
5) Keep social and environmental standards and ensure investor compliance with Saudi environment, health and safety (EHS) regulations;
6) Facilitate access of foreign technicians, administration employees and their families to foreign investment-related activities;
7) Transfer the knowledge and technology acquired from foreign direct investment (FDI).
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