Saudi Arabia enacts 80% of regulatory investment enablers, seeks to establish arbitration centers: Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Minister of Investment, Khalid Al-Falih, said that 80% of regulations that were investment enablers have already been enacted.

The regulatory systems, upon their full enactment, will be the best for doing business, said Al-Falih during the Future Minerals Forum held in Riyadh from Jan. 11-13.

Al-Falih pointed out that a number of legislations were passed, including the bankruptcy and other financial laws. Also, the Saudi Investment Law, which will be amended soon, was enforced to regulate both local and foreign investments.

The judicial system will further witness some reforms related to commercial and financial tribunals, as they will come under the legislative system. In addition, arbitration centers are being established to boost the Kingdom’s investment climate.

Al-Falih indicated that Saudi Arabia will build about 14,000 kilometers of new rail to enhance its transport network, adding that King Abdullah Economic City (KAEC) will be transformed soon into a special economic zone.

Al-Falih spoke of the significance of the mining industry especially for the value chains, adding that the Kingdom’s efforts exerted since the launch of Vision 2030 came within its merger strategy aimed to integrate the various economic industries.