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FinancialNews
27-02-18
Saudi foreign investment licenses extends 5 years in economy diversification efforts
(MENAFN) Saudi Arabia was confirmed to have prolonged its foreign investment licenses from one year to five years.
The decision has come in an attempt to lessen the kingdom's reliance on oil economy and open the door for further sectors.
It was also made as part of efforts to boost economic reforms in Saudi Arabia, as explained by deputy governor for investors' services at the Saudi Arabian General Investment Authority, Ibrahim Al Suwayel.
He also stated that officials have detected "a positive effect on new investment, following the recent regulation to reduce the time taken to issue business licences from two days to just four hours."
MENAFN2702201800450000ID1096521580
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