RIYADH — Saudi Arabia has achieved over 800 reforms and is undergoing unprecedented rapid transformation, according to a senior official. Eng. Ibrahim Al Mubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), outlined the Kingdom's comprehensive efforts to enhance its investment environment during the 2025 Budget Forum on Wednesday. Among the key reforms are the introduction of pivotal laws such as the Civil Transactions Law, Bankruptcy Law, Public-Private Partnership Program, and the Government Tenders and Procurement Law. These initiatives have propelled Saudi Arabia to rank 16th globally on the IMD World Competitiveness Index. Al Mubarak reaffirmed SIPA's commitment to advancing reforms, fostering a business-friendly environment, and building local talent to solidify the Kingdom's position as a premier investment destination. A highlight of the discussion was the new Investment Law, set to be implemented early next year, which is tailored to serve both local and international investors. Al Mubarak emphasized that the law upholds principles such as the rule of law, fair transactions, property rights, investment freedom, and intellectual property protection. He also noted significant growth in foreign direct investment (FDI) inflows, which exceeded the National Investment Strategy's 2023 target by 16%. Saudi Arabia now ranks second among G20 nations for net FDI growth and fourth globally for FDI stock growth, which rose by 13% to nearly SR900 billion in 2023. Foreign investors' participation in the Kingdom's financial markets surpassed SR350 billion. Al Mubarak highlighted Saudi Arabia's appeal as a regional business hub, with over 500 foreign companies establishing their regional headquarters in the Kingdom, surpassing the 2023 target set by the Regional Headquarters Program. Al-Mubarak also noted that more than 37,000 investment licenses have been issued, a tenfold increase since the launch of Vision 2030.
