RIYADH: The Kingdom of Saudi Arabia Cabinet announced on Sunday approval of updated investment law in alignment with the 2030 vision and the National Investment Strategy. Minister of Investment Khalid Al-Falih stated in a press statement to Saudi News Agency (SPA) that the law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for both domestic and international investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination.

Al-Falih said that since the 2030 vision was outlined, Saudi Arabia has introduced pro-investment measures including the introduction of the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law and Special Economic Zones. He added that reforms have helped drive rapid investment growth, with gross fixed capital formation increasing by 74 pct from 2017 to nearly $300 billion in 2023. Additionally, FDI stock increased by 61 pct from 2017 to 2023, reaching almost $215 billion in 2023, and FDI inflows have surged by 158 percent, jumping from $7.5 billion in 2017 to $19.3 billion in 2023. The executive regulations will come into effect from 2025. — KUNA