RIYADH — The Saudi Arabian General Investment Authority's (SAGIA) board of directors discussed a number of topics including the Kingdom's efforts in sustaining a strong business friendly environment while attracting investments that reflect positively on the economy, on job creation for nationals and technology transfer., according to a press statement. The Board meeting was held on Monday, May 13, and chaired by Abdullatif Al-Othman, The Board also discussed methods to improve the efficiency and effectiveness of the licenses issued by SAGIA that comply with the foreign investment Law and international commitments. The Board members were briefed on the report prepared by the investment follow up team that assessed the contribution of foreign investment licenses issued to date. The team analyzed the licenses' performance, compliance with foreign investment objectives, and determined the degree of their contribution to the national economy. Some of the factors that were considered include: quality and competitiveness of products and services, displacement of imports and or expansion of exports, technology transfer, creating high knowledge content jobs for national, and protecting the environment A number of decisions were made including endorsement of offering a set of privileges to investors based on their classification and contribution to the economy. Al-Othman was also authorized to issue licenses to certain innovators, who excel in the field of technology and innovation, without the requirement to be established in their home country, thus enabling innovative high-tech small and medium startups in target sectors. A number of procedures were approved with the aim to improve and enhance the success and contribution of investments in contracting, restaurants, and light industries. The aim is to maximize successful investment by encouraging investors with technical and financial competence, have a leading track record in home country and/or internationally and sound plans. Updated criteria and procedures can be viewed on SAGIA's official website: http://www.sagia.gov.sa/ar/Tools-to-invest/download_center These measures build upon the findings from more than 1,500 visits made by the follow up teams where several licenses were withdrawn due to violations and misuse of privileges. The Board commended SAGIA management for their efforts and reiterated the Kingdom's unwavering commitment to foster a second to none investment climate for those who call Saudi Arabia home and be effective partners in its development journey. — SG
