Here’s a look at Saudi Investment Promotion Authority regulations

The Kingdom of Saudi Arabia's flag

Official gazette Umm Al-Qura published, on March 14, the regulations for the Saudi Investment Promotion Authority (SIPA), effective from the Cabinet's approval date.

The Cabinet approved the regulations earlier this month.

The Riyadh-headquartered authority will have financial and administrative independence and report to the Minister of Investment. It will have the power to establish branches both domestically and internationally, subject to the Cabinet's approval.

The new entity aims to position Saudi Arabia as a premier investment destination both domestically and globally, promote investment opportunities across all sectors, and enhance investment marketing-related services, in line with the Ministry of Investment's general investment policies and executive plans.

Its responsibilities include, but are not limited to developing national investment marketing strategies and policies, as well as conducting investment-marketing activities within and outside Saudi Arabia to highlight the Kingdom's investment advantages, opportunities, and incentives.

Further, the authority will be responsible for managing a unified national identity for investment marketing and attraction, in coordination with the ministry and relevant authorities. This is in addition to enticing international conferences related to investment marketing, and contributing to the development and support of local conferences.

The authority will work on collaborating and exchanging expertise with government agencies, as well as the corresponding regional and international organizations.

Minister of Investment Khalid Al-Falih said SIPA will help incentivize foreign direct investment (FDI) inflows, boost national investments, and support national investors, which will spur economic growth, Argaam earlier reported.