Saudi Arabia United States Department of State

2024 Investment Climate Statements: Saudi Arabia

In 2023, the Saudi Government (SAG) continued ambitious soci o-economic reforms, collectively called the "Vision 2030." Vision 2030, led by Prince Muhammad Bin Salman, offers a roadmap for new economic sector development and transition to digital and knowledg e-intensive economy. This reform aims to diversify the Saudi economy from petroleum and increase the employment of private sector for the young and growing population.

To achieve these ambitious vision 2030 reforms, the Saudi government is seeking foreign investment in rapid growth fields such as infrastructure, tourism, entertainment, medical care, science and technology. Saudi Arabia aims to become a major transportation and logistics hub connecting Asia, Europe and Africa. This goa l-related infrastructure project includes a variety of economic cities and economic zones that are the bases of petrochemical, mining, logistics, manufacturing, and digital industries. The SAG plans to double the area of the Liyad, and welcomes investment in the billions of dollars in the Giga Projects (NEOM, Kidiya, the Red Sea Project, Dilia Gate, etc.). 。 The Saudi Agency for Tourism Agency (SAG) has been growing Saudi Arabia Season's Initiatives, which hold tourism and cultural events throughout the country throughout the year.

With the help of relieving social regulations, Saudi Arabia entertainment and sports have also called on foreign investment. Formerly banned cinemas now count hundreds of buildings throughout the kingdom, and SAG has opened a production studio for en d-t o-end film production. The SAG is aiming to hold global events such as the 2034 World Cup, and has already held the American Cup, European Golf Tour, Dilliya EPRIX, Dakar Rally, and Saudi F1 Grand Prix. Saudi Arabia has successfully invited the International Expo (EXPO 2030) in 2030 and has provided new opportunities to foreign investors. In addition, recent film festivals and concerts have shown strong demand for art and cultural events. In 2023, the Saudi government (SAG) continued ambitious soci o-economic reforms, collectively called "Vision 2030." Vision 2030, led by Prince Muhammad Bin Salman, offers a roadmap for new economic sector development and transition to digital and knowledg e-intensive economy. This reform aims to diversify the Saudi economy from petroleum and increase the employment of private sector for the young and growing population.

With the help of relieving social regulations, Saudi Arabia entertainment and sports have also called on foreign investment. Formerly banned cinemas now count hundreds of buildings throughout the kingdom, and SAG has opened a production studio for en d-t o-end film production. The SAG is aiming to hold global events such as the 2034 World Cup, and has already held the American Cup, European Golf Tour, Dilliya EPRIX, Dakar Rally, and Saudi F1 Grand Prix. Saudi Arabia has successfully invited the International Expo (EXPO 2030) in 2030 and has provided new opportunities to foreign investors. In addition, recent film festivals and concerts have shown strong demand for art and cultural events. In 2023, the Saudi Government (SAG) continued ambitious soci o-economic reforms, collectively called the "Vision 2030." Vision 2030, led by Prince Muhammad Bin Salman, offers a roadmap for new economic sector development and transition to digital and knowledg e-intensive economy. This reform aims to diversify the Saudi economy from petroleum and increase the employment of private sector for the young and growing population.

To achieve these ambitious vision 2030 reforms, the Saudi government is seeking foreign investment in rapid growth fields, such as infrastructure, tourism, entertainment, medical care, science and technology, and renewable energy. Saudi Arabia aims to become a major transportation and logistics hub connecting Asia, Europe and Africa. This goa l-related infrastructure project includes a variety of economic cities and economic zones that are the bases of petrochemical, mining, logistics, manufacturing, and digital industries. The SAG plans to double the area of the Liyad, and welcomes investment in the billions of dollars in the Giga Projects (NEOM, Kidiya, the Red Sea Project, Dilia Gate, etc.). 。 The Saudi Agency for Tourism Agency (SAG) has been growing Saudi Arabia Season's Initiatives, which hold tourism and cultural events throughout the country throughout the year.

1. Openness To, and Restrictions Upon, Foreign Investment

Policies Towards Foreign Direct Investment

Saudi Arabia's Medical Private Program provides opportunities for foreign investment. Saudi Arabia also aims to be a leader in the nex t-generation technology and digital infrastructure in partnership with hig h-tech companies. Finally, Saudi Arabia is eager to invest in green projects related to renewable energy, hydrogen, waste management, and carbon recovery to achieve net zero emissions by 2060. Saudi Arabia is particularly interested in greening and technical sharing initiatives.

Despite these investment opportunities, investors' concerns on business prediction, transparency, and political risks are persistent. With the pressure of producing no n-oil income and increasing the employment opportunities for the Saudi people, the Saudi government will implement measures that may weaken the country's investment environment in the future. Raise commissions for foreign workers and their dependents, and "Saudi" policies that require specific companies to assemble the employment of Saudi workers, reducing productivity and increased costs in some private sector activities. Connected. In addition, Saudi's policy, in which a multinational company contracting with SAG establishes a regional headquarters in Saudi Arabia, lacks the clarity of application and implementation, causing confusion of foreign investors. Since the late 2023, the Fushiist's missile attacks in the Red Sea have increased the risk of commercial ships and increased transportation costs. The US Trade Representative (USTR) excluded Saudi Arabia from the special 301 report in 2022, but there are some concerns about the execution of intellectual property rights and regulatory data.

Saudi Arabia recorded an estimated $ 27 billion surplus in 2022 and became a profit since 2014. With the rise in crude oil prices and the "expanded expenditure" on the Vision 2030 project, it was in the deficit of $ 21. 9 billion in 2023. The budget of 2024 is expected to be $ 21. 06 billion in 2024, and a further deficit in 2025 and 2026.

SAG aims to promote economic development by $ 3 trillion, relocates foreign expertise and technology to Saudi Arabia, creates employment of Saudi Arabia, and aims to increase no n-oil exports in Saudi Arabia. 。

The National Investment Strategy, released in October 2021, outlines plans for investment in sectors such as manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and healthcare. The strategy aims to grow the Saudi economy by increasing the private sector's contribution to 65% of total GDP by 2030 and foreign direct investment to 5. 7% of total GDP. The National Investment Strategy aims to increase net foreign direct investment inflows to $103 billion per year and domestic investment to approximately $450 billion per year by 2030.

The Ministry of Investment in Saudi Arabia (MISA) manages and regulates foreign investment in Saudi Arabia, issues licenses to prospective investors, and fosters and promotes investment opportunities across the economy. Initially established as a regulatory body, MISA has increasingly focused on investment promotion and support, providing potential investors with detailed guidance and a catalog of current investment opportunities on the Invest Saudi website. In August 2022, the Investment Promotion Authority (SIPA) was established to attract domestic and foreign investment as part of the National Investment Strategy.
- The SAG adopted reforms to improve the Kingdom's attractiveness as an investment destination. It shortened license approval times from days to hours, reduced the required customs documentation, shortened customs clearance times from weeks to hours, and extended investor license periods to five years. It also launched e-License to provide a more efficient, user-friendly process and online "instant" license issuance and renewal services for foreign investors who are listed on domestic or international stock markets and meet certain conditions. The SAG allows 100% foreign ownership in most sectors.
- The rapidly growing entertainment division of Saudi Arabia offers foreign investment opportunities. Saudi Arabia, which was once banned, is currently sponsering and promoting entertainment programs, including live concerts, dance exhibitions, sports competitions, and other public performance. Many of these events are mixed gender and become larger consumers. In addition to resuming movie theaters in 2018, SAG held a F1 and Formula E race, professional golf and tennis tournaments, and boxing world heavyweight title matches. Saudi Arabia's General Entertainment Authority launched Saudi Seasons Initiative in 2019, attracting millions of tourists to tourism and cultural events held in 11 regions in Japan.
- SAG also demands overseas investments in the "economic cities" and "Giga Projects" at various construction stages. These projects are larg e-scale sel f-contained developments in various regions focusing on specific industries such as technology, energy, logistics, tourism, entertainment, and infrastructure. Many of these Initiative are developed by a subsidiary of the Public Investment Fund (PIF), a government fund of the kingdom. These projects include:
- NEOM: A lon g-term development project of $ 1. 55 trillion that built a future "independent economic zone" and a city in the northwestern part of Saudi Arabia. This concept includes the following:
The Rhine: It is an urban smart city with a total length of 105 miles, there is no car or a road, and carbon dioxide is not discharged. The project has created 380, 000 employment by 2030 and aims to contribute to $ 48 billion in domestic GDP.

NEOM's economic and industrial hub focusing on oxagon innovation, research and technology. Construction along the coast, including the world's largest floating structure.

Torohena: NEOM's mountain resort where the naturally developed landscape is fused. The project includes an artificial lake, a wildlife protective area, and a ski resort, and the Asian Winter Games in 2029 will be held.

Cindaler: One of the hig h-end resorts in NEOM floating in the Red Sea. This project is likely to be open to the public first in NEOM.

In order to attract tourists to these new places, SAG introduced a tourist visa in 2019 and an E visa for no n-religious travelers in 2022. The kingdom has also launched a 9 6-hour "stopover" visa in February 2023. Foreign travelers staying at the hotel have no choice but to submit a marriage certificate or a famil y-related certificate. SAG is promoting private investment through a tourism development fund with $ 4 billion of $ 4 billion and a Kafalah program that provides up to $ 400 million lending guarantees. In addition, the Tourism Fund has exchanged a memorandum of memorandums to revitalize tourism investments and to increase the degree of tourism sector's contribution to GDPs equivalent to $ 40 billion.

Saudi Arabia's investment and partnership opportunities for the mining sector are continuing to expand, and the country's undeveloped domestic mineral resources are currently $ 2. 5 trillion. The 2020 Mining Law has allowed foreign companies to enter the Saudi mining department, and since then, SAG has issued hundreds of exploration licenses to foreign companies. SAG aims to increase the number of GDPs in the department by 2030, reduce imports $ 9. 8 billion, and create 200, 000 direct and indirect employment. Saudi Arabia's stat e-owned mining mining company, Ma'aden, led the country's Mining Investment Initiative.

Limits on Foreign Control and Right to Private Ownership and Establishment

The Saudi Transportation Division provides sufficient international investment opportunities. In June 2021, Prince Muhammad Bin Salman announced the "National Transportation and Logistics Strategy" to upgrade transport infrastructure throughout Saudi Arabia. The strategy aims to enhance Saudi Arabia as a global logistics center and a cargo hub. As part of this strategy, Saudi Arabia will establish the second stat e-owned airline Liyad Air in March 2023 and will be in service by 2030. The airline is expected to increase $ 20 billion in no n-oil GDP and create more than 200, 000 direct and indirect employment. SAG also aims to raise the transport capacity of the air freight division to more than 4. 5 million tons. This strategy includes a concept that connects Saudi Arabia and other Arab Gulf countries by rail. SAG introduced a tourist visa in 2019 in 2019 and an E visa for no n-religious travelers in 2022 to attract tourists to these new places. The kingdom has also launched a 9 6-hour "stopover" visa in February 2023. Foreign travelers staying at the hotel have no choice but to submit a marriage certificate or a famil y-related certificate. SAG is promoting private investment through a tourism development fund with $ 4 billion of $ 4 billion and a Kafalah program that provides up to $ 400 million lending guarantees. In addition, the Tourism Fund has exchanged a memorandum of memorandums to revitalize tourism investments and to increase the degree of tourism sector's contribution to GDPs equivalent to $ 40 billion.

Saudi Arabia's investment and partnership opportunities for the mining sector are continuing to expand, and the country's undeveloped domestic mineral resources are currently $ 2. 5 trillion. The 2020 Mining Law has allowed foreign companies to enter the Saudi mining division, and since then, SAG has issued hundreds of exploration licenses to foreign companies. SAG aims to increase the number of GDPs in the department by 2030, reduce imports $ 9. 8 billion, and create 200, 000 direct and indirect employment. Saudi Arabia's stat e-owned mining mining company, Ma'aden, led the country's Mining Investment Initiative.

The Saudi Transportation Division provides sufficient international investment opportunities. In June 2021, Prince Muhammad Bin Salman announced the "National Transportation and Logistics Strategy" to upgrade transport infrastructure throughout Saudi Arabia. The strategy aims to enhance Saudi Arabia as a global logistics center and a cargo hub. As part of this strategy, Saudi Arabia will establish the second stat e-owned airline Liyad Air in March 2023 and will be in service by 2030. The airline is expected to increase $ 20 billion in no n-oil GDP and create more than 200, 000 direct and indirect employment. SAG also aims to raise the transport capacity of the air freight division to more than 4. 5 million tons. This strategy includes a concept that connects Saudi Arabia and other Arab Gulf countries by rail. In order to attract tourists to these new places, SAG introduced a tourist visa in 2019 and an E visa for no n-religious travelers in 2022. The kingdom has also launched a 9 6-hour "stopover" visa in February 2023. Foreign travelers staying at the hotel have no choice but to submit a marriage certificate or a famil y-related certificate. SAG is promoting private investment through a tourism development fund with $ 4 billion of $ 4 billion and a Kafalah program that provides up to $ 400 million lending guarantees. In addition, the Tourism Fund has exchanged a memorandum of memorandums to revitalize tourism investments and to increase the degree of tourism sector's contribution to GDPs equivalent to $ 40 billion.

Saudi Arabia's investment and partnership opportunities for the mining sector are continuing to expand, and the country's undeveloped domestic mineral resources are currently $ 2. 5 trillion. The 2020 Mining Law has allowed foreign companies to enter the Saudi mining department, and since then, SAG has issued hundreds of exploration licenses to foreign companies. SAG aims to increase the number of GDPs in the department by 2030, reduce imports $ 9. 8 billion, and create 200, 000 direct and indirect employment. Saudi Arabia's stat e-owned mining mining company, Ma'aden, led the country's Mining Investment Initiative.
1. The Saudi Transportation Division provides sufficient international investment opportunities. In June 2021, Prince Muhammad Bin Salman announced the "National Transportation and Logistics Strategy" to upgrade transport infrastructure throughout Saudi Arabia. The strategy aims to enhance Saudi Arabia as a global logistics center and a cargo hub. As part of this strategy, Saudi Arabia will establish the second stat e-owned airline Liyad Air in March 2023 and will be in service by 2030. The airline is expected to increase $ 20 billion in no n-oil GDP and create more than 200, 000 direct and indirect employment. SAG also aims to raise the transport capacity of the air freight division to more than 4. 5 million tons. This strategy includes a concept that connects Saudi Arabia and other Arab Gulf countries by rail.
2. Saudi Arabia throws $ 65 billion to develop medical infrastructure, train local medical experts, provide incentives, reorganizes medical services and insurance, and launches 21 "health clusters" nationwide. The plan is to expand the provision of health services. These health clusters are a great opportunity for medical devices and technical providers, medical services and hospital managers. Under the regulation of the Health Support Service Center (HSSC), the Ministry of Health has shown the intention of building a virtual hospital in each health cluster, which is the movement to regulatory environments that contribute to the growth and innovation of private sectors in medical provision. It is shown.
3. Saudi Arabia also aims to become a nex t-generation technology leader, such as 5g/6g, open wireless access network, artificial intelligence, and the Internet of objects through investment in digital infrastructure and partnership with private technology companies. Saudi Arabia has established a science park on the National Institute Campus to promote information sharing and joint research, and aims to invest 2. 5 % of GDP in research, development and innovation by 2040.
4. Finally, the kingdom infrastructure is open for investment from foreign countries. SAG has launched a $ 800 billion project that has doubled the size of the Riyado city in the next 10 years and transforms into a local economic, society, and cultural hub. The project contains 18 "Mega Projects" in the capital for improving their livability, strengthening economic growth, and by 2030 to make the population more than 15 million. SAG is looking for a loan from a $ 250 billion private sector for these projects. Saudi Arabia, Downtown Company, also calling for foreign investment in real estate development projects in 12 Saudi cities.
5. Saudi Arabia has fully acknowledged the right of private ownership and the establishment of a private company. However, the Saudi government has eliminated foreign investors from some economic fields and has set certain restrictions on the control of foreigners.
6. Foreign investments make a certain percentage of production in Saudi Arabia (localization), hiring many Saudi people (usually higher wages than foreign workers), visa policy for foreign workers. We must fight the more and more stringent requirements, such as strengthening restrictions. From 2017 to early 2018, SAG introduced new taxes and commissions, including significant increase in visa charges.
7. In February 2021, the MISA and the Riyado City Royal Committee (RCRC) announced a new order that a contract with SAG would be obliged to set up a regional headquarters (RHQ) in Saudi Arabia by 2024 by 2024. 。 According to MISA, companies that relocate regional headquarters to the Riyado have 10 years of "Saudi" exemption, 30 years of tax reduction, spouse employment permit, specialized job exemption, visa early issuance, en d-t o-end business, Individuals, you can receive incentives such as concierge services. RHQ employees, who have been valid in their home country, are exempted from Saudi expert certification requirements. Companies must apply for RHQ licenses through MISA and RCRC. In order to be deemed to be RHQ, corporate Saudi branches must carry out strategies and management functions such as budgeting, business planning, regional strategic reviews, regional market monitoring, business and financial reports. RHQ cannot carry out commercial activities and need to be done by another entity with appropriate business permission (services, trade, etc.). RHQ must also start operations within six months of license granting, and must carry out at least three arbitrary activities from the list provided by MISA and RCRC within one year after acquiring the license. RHQ has 15 full-time employees within the first year, and at least three RHQ employees must be C-SUITE executives. Compa
8. Currently, foreign capital is prohibited in 10 fields:
9. Oil exploration, excavation, production. However, excluding services related to the mining department described in the central product classification (CPC) 5115+883.
10. Service for the military department
Security / detective business

Real estate investment in the sacred place Mecca and Medina (Note: Real estate investment by foreigners to Mecca and Medina is allowed in a specific place and is limited to 1999)

Orientation and guidance services for tourists for religious sightseeing related to hani and umura

Recruitment office

International commission agent classified as CPC621
1. Midwives, nurses, physiotherapy services, and Supplementary Doctors Service February 2021, MISA and Riyado City King Committee (RCRC), a company that contracts with SAG by 2024. In Saudi Arabia, we announced a new command that obliges the RHQ (RHQ) in the rear, if possible. According to MISA, companies that relocate regional headquarters to the Riyado have 10 years of "Saudi" exemption, 30 years of tax reduction, spouse employment permit, specialized job exemption, visa early issuance, en d-t o-end business, Individuals, you can receive incentives such as concierge services. RHQ employees, who have been valid in their home country, are exempted from Saudi expert certification requirements. Companies must apply for RHQ licenses through MISA and RCRC. In order to be deemed to be RHQ, corporate Saudi branches must carry out strategies and management functions such as budgeting, business planning, regional strategic reviews, regional market monitoring, business and financial reports. RHQ cannot carry out commercial activities and need to be done by another entity with appropriate business permission (services, trade, etc.). RHQ must also start operations within six months of license granting, and must carry out at least three arbitrary activities from the list provided by MISA and RCRC within one year after acquiring the license. RHQ has 15 full-time employees within the first year, and at least three RHQ employees must be C-SUITE executives. Compa
2. Currently, foreign capital is prohibited in 10 fields:
 1. Oil exploration, excavation, production. However, excluding services related to the mining department described in the central product classification (CPC) 5115+883.
 2. Service for the military department
 3. Security / detective business
 Other Investment Policy Reviews
 
 Real estate investment in the sacred place Mecca and Medina (Note: Real estate investment by foreigners to Mecca and Medina is allowed in a specific place and is limited to 1999)
 
 Business Facilitation
 
 Orientation and guidance services for tourists for religious sightseeing related to hani and umura
 
 Recruitment office
 
 International commission agent classified as CPC621
 
 Outward Investment
 
 Midwives, nurses, physiotherapy services, and services by graduate classifications classified as CPC 93191 February 2021, MISA and Riyado Royal Committee (RCRC), a company contracting with SAG in Saudi Arabia by 2024. If possible, we announced a new command that obliges the RHQ (RHQ) in the rear. According to MISA, companies that relocate regional headquarters to the Riyado have 10 years of "Saudi" exemption, 30 years of tax reduction, spouse employment permit, specialized job exemption, visa early issuance, en d-t o-end business, Individuals, you can receive incentives such as concierge services. RHQ employees, who have been valid in their home country, are exempted from Saudi expert certification requirements. Companies must apply for RHQ licenses through MISA and RCRC. In order to be deemed to be RHQ, corporate Saudi branches must carry out strategies and management functions such as budgeting, business planning, regional strategic reviews, regional market monitoring, business and financial reports. RHQ cannot carry out commercial activities and need to be done by another entity with appropriate business permission (services, trade, etc.). RHQ must also start operations within six months of license granting, and must carry out at least three arbitrary activities from the list provided by MISA and RCRC within one year after acquiring the license. RHQ has 15 full-time employees within the first year, and at least three RHQ employees must be C-SUITE executives. Compa
 
 2. Bilateral Investment and Taxation Treaties
 
 Currently, foreign capital is prohibited in 10 fields:
 
 Oil exploration, excavation, production. However, excluding services related to the mining department described in the central product classification (CPC) 5115+883.
 
 Service for the military department
 
 Security / detective business
 
 Real estate investment in the sacred place Mecca and Medina (Note: Real estate investment by foreigners to Mecca and Medina is allowed in a specific place and is limited to 1999)
 
 Orientation and guidance services for tourists for religious sightseeing related to hani and umura
 
 Recruitment office
 
 3. Legal Regime
 
 Transparency of the Regulatory System
 
 International commission agent classified as CPC621
 
 Service by midwives, nurses, physiotherapy services, and Supplementary Doctors classified as CPC 93191
 
 International Regulatory Considerations
 
 Fisheries and hunting of marine animals
 
 Poisonous Center, Blood Bank, quarantine service
 
 Foreign companies are banned from investing in upper hydrocarbons, but SAG has acknowledged foreign investments in the energ y-based departments, including purification and petrochemicals.
 
 Legal System and Judicial Independence
 
 Saudi Aramco also maintains a group of contractors who provide engineering, procurement, construction, hoo k-ups, trial run and maintenance, and offshore oil and gas infrastructure.
 
 In Saudi Arabia, the joint venture is mostly in the form of a limited liability partnership, but there are several disadvantages. Foreign partners in services and contracting businesses organized as a limited liability business union must pay 100 % of the amount of investment in approved capital in cash or i n-kind. MISA's approval is only the first step to establish such a partnership.
 
 Experts such as architects, consultants, and consulting engineers need to be registered as the Ministry of Commerce and be certified by the Ministry of Commerce. Theoretically, these regulations allow Saudi Arabia and foreign joint venture consulting companies. As part of the WTO promise, Saudi Arabia acknowledges that consulting companies will establish a local office without a Saudi partner. However, a foreign engineering consulting company must have established a corporation for at least 10 years and operate in at least four countries. Foreign companies that provide accounting, audits, architecture, and civil engineering plans, and foreign companies that provide healthcare, dentistry, and veterinary services still need to have a Saudi Arabian partner. Saudi's legal regulations were updated in 2022, and foreign law firms can now establish branches in Saudi Arabia without local partners, but cannot advise Saudi Arabia. In recent years, Saudi Arabia has newly, banking services, aircraft maintenance and repair, computer reservation system, wholesale / retail / franchise distribution service, basic / valu e-added communication service, mineral / mineral exploration, investment in computer and related services. The service market is open to foreign capital. Hunting of fisheries and marine animals
 
 Poisonous Center, Blood Bank, quarantine service
 
 Foreign companies are banned from investing in upper hydrocarbons, but SAG has acknowledged foreign investments in the energ y-based departments, including purification and petrochemicals.
 
 Laws and Regulations on Foreign Direct Investment
 
 Saudi Aramco also maintains a group of contractors who provide engineering, procurement, construction, hoo k-ups, trial run and maintenance, and offshore oil and gas infrastructure.
 
 In Saudi Arabia, the joint venture is mostly in the form of a limited liability partnership, but there are several disadvantages. Foreign partners in services and contracting businesses organized as a limited liability business union must pay 100 % of the amount of investment in approved capital in cash or i n-kind. MISA's approval is only the first step to establish such a partnership.
 
 Experts such as architects, consultants, and consulting engineers need to be registered as the Ministry of Commerce and be certified by the Ministry of Commerce. Theoretically, these regulations allow Saudi Arabia and foreign joint venture consulting companies. As part of the WTO promise, Saudi Arabia acknowledges that consulting companies will establish a local office without a Saudi partner. However, a foreign engineering consulting company must have established a corporation for at least 10 years and operate in at least four countries. Foreign companies that provide accounting, audits, architecture, and civil engineering plans, and foreign companies that provide healthcare, dentistry, and veterinary services still need to have a Saudi partner. Saudi's legal regulations were updated in 2022, and foreign law firms can now establish branches in Saudi Arabia without local partners, but cannot advise Saudi Arabia. In recent years, Saudi Arabia has newly, banking services, aircraft maintenance and repair, computer reservation system, wholesale / retail / franchise distribution service, basic / valu e-added communication service, mineral / mineral exploration, investment in computer and related services. The service market is open to foreign capital. Fisheries and hunting of marine animals
 
 Poisonous Center, Blood Bank, quarantine service
 
 Foreign companies are banned from investing in upper hydrocarbons, but SAG has acknowledged foreign investments in the energ y-based departments, including purification and petrochemicals.
 
 Competition and Antitrust Laws
 
 Saudi Aramco also maintains a group of contractors who provide engineering, procurement, construction, hoo k-ups, trial run and maintenance, and offshore oil and gas infrastructure.
 
 In Saudi Arabia, the joint venture is mostly in the form of a limited liability partnership, but there are several disadvantages. Foreign partners in services and contracting businesses organized as a limited liability business union must pay 100 % of the amount of investment in approved capital in cash or i n-kind. MISA's approval is only the first step to establish such a partnership.
 
 Experts such as architects, consultants, and consulting engineers need to be registered as the Ministry of Commerce and be certified by the Ministry of Commerce. Theoretically, these regulations allow Saudi Arabia and foreign joint venture consulting companies. As part of the WTO promise, Saudi Arabia acknowledges that consulting companies will establish a local office without a Saudi partner. However, a foreign engineering consulting company must have established a corporation for at least 10 years and operate in at least four countries. Foreign companies that provide accounting, audits, architecture, and civil engineering plans, and foreign companies that provide healthcare, dentistry, and veterinary services still need to have a Saudi partner. Saudi's legal regulations were updated in 2022, and foreign law firms can now establish branches in Saudi Arabia without local partners, but cannot advise Saudi Arabia. In recent years, Saudi Arabia has newly, banking services, aircraft maintenance and repair, computer reservation system, wholesale / retail / franchise distribution service, basic / valu e-added communication service, mineral / mineral exploration, investment in computer and related services. The service market is open to foreign capital.
 
 Expropriation and Compensation
 
 In 2016, Saudi Arabia officially approved the complete ownership of foreigners in the kingdom and wholesale business. The minimum capital required for 100 % owned foreign companies to do wholesale, retail, and electronic commercial transactions is 30 million SAR. This requirement is applied only to at least three international companies in the international market. In order to meet this requirement and obtain a MISA investment license, the company must do one of the following:
 
 Dispute Settlement
 
 ICSID Convention and New York Convention
 
 Five years from the date of acquisition of investment licenses, investment is not less than 300 million SARs (including 30 million SARs as cash capital).
 
 Investor-State Dispute Settlement
 
 In the 5 years from the date of acquisition of the investment license, make an investment that does not fall below 200 million SARs (including 30 million SARs as cash capital of the company), and meet one of the following requirements in the first five years:
 
 International Commercial Arbitration and Foreign Courts
 
 Manufacturing manufacturing: Manufacture of more than 30 % of products from companies distributed locally in Saudi Arabia;
 
 R & D Program: R & D Program: To establish a R & D program in Saudi Arabia with more than 5 % of total sales;
 
 Logistics / distribution: Establish a unified center to provide these services and provide afte r-sales service.
 
 Bankruptcy Regulations
 
 Saudi Arabia completed the 3rd WTO Trade Review, including investment policy, in March 2021. This review can be viewed on the WTO website.
 
 4. Industrial Policies
 
 Investment Incentives
 
 In addition to applying for an investment permit to MISA, foreign investors and local investors need to register new businesses through the Ministry of Commerce (MOC), and the Ministry of Commerce has provided online registration services for limited liability companies. I started. Although the articles of incorporation can be submitted in a few minutes from the MOC website and the trade name can be applied, the ministry's final approval often takes more than a week. The applicants are the other ways to start the business, such as obtaining local governments (Barradia) licenses, the Ministry of Human Resources and Social Development, Chamber of Commerce, Passport Bureau, Tax Bureau, and Social Insurance Organization. Some steps must be completed. Business registration in Saudi Arabia takes about three weeks from start to end. In 2016, Saudi Arabia officially approved the complete ownership of foreign retail and wholesale business in the kingdom. The minimum capital required for 100 % owned foreign companies to do wholesale, retail, and electronic commercial transactions is 30 million SAR. This requirement is applied only to at least three international companies in the international market. In order to meet this requirement and obtain a MISA investment license, the company must do one of the following:
 
 Five years from the date of acquisition of investment licenses, investment is not less than 300 million SARs (including 30 million SARs as cash capital).
 
 In the 5 years from the date of acquisition of the investment license, make an investment that does not fall below 200 million SARs (including 30 million SARs as cash capital of the company), and meet one of the following requirements in the first five years:
 
 Manufacturing manufacturing: Manufacture of more than 30 % of products from companies distributed locally in Saudi Arabia;
 
 R & D Program: R & D Program: To establish a R & D program in Saudi Arabia with more than 5 % of total sales;
 
 Foreign Trade Zones/Free Ports/Trade Facilitation
 
 Logistics / distribution: Establish a unified center to provide these services and provide afte r-sales service.
 
 Saudi Arabia completed the 3rd WTO Trade Review, including investment policy, in March 2021. This review can be viewed on the WTO website.
 
 In addition to applying for an investment permit to MISA, foreign investors and local investors need to register new businesses through the Ministry of Commerce (MOC), and the Ministry of Commerce has provided online registration services for limited liability companies. I started. Although the articles of incorporation can be submitted in a few minutes from the MOC website and the trade name can be applied, the ministry's final approval often takes more than a week. The applicants are the other ways to start the business, such as obtaining local governments (Barradia) licenses, the Ministry of Human Resources and Social Development, Chamber of Commerce, Passport Bureau, Tax Bureau, and Social Insurance Organization. Some steps must be completed. Business registration in Saudi Arabia takes about three weeks from start to end. In 2016, Saudi Arabia officially approved the complete ownership of foreigners in the kingdom and wholesale business. The minimum capital required for 100 % owned foreign companies to do wholesale, retail, and electronic commercial transactions is 30 million SAR. This requirement is applied only to at least three international companies in the international market. In order to meet this requirement and obtain a MISA investment license, the company must do one of the following:
 
 Five years from the date of acquisition of investment licenses, investment is not less than 300 million SARs (including 30 million SARs as cash capital).
 
 In the 5 years from the date of acquisition of the investment license, make an investment that does not fall below 200 million SARs (including 30 million SARs as cash capital of the company), and meet one of the following requirements in the first five years:
 
 Performance and Data Localization Requirements
 
 Manufacturing manufacturing: Manufacture of more than 30 % of products from companies distributed locally in Saudi Arabia;
 
 R & D Program: R & D Program: To establish a R & D program in Saudi Arabia with more than 5 % of total sales;
 
 Logistics / distribution: Establish a unified center to provide these services and provide afte r-sales service.
 
 Saudi Arabia completed the 3rd WTO Trade Review, including investment policy, in March 2021. This review can be viewed on the WTO website.
 
 Data Treatment
 
 In addition to applying for an investment permit to MISA, foreign investors and local investors need to register new businesses through the Ministry of Commerce (MOC), and the Ministry of Commerce has provided online registration services for limited liability companies. I started. Although the articles of incorporation can be submitted in a few minutes from the MOC website and the trade name can be applied, the ministry's final approval often takes more than a week. The applicants are the other ways to start the business, such as obtaining local governments (Barradia) licenses, the Ministry of Human Resources and Social Development, Chamber of Commerce, Passport Bureau, Tax Bureau, and Social Insurance Organization. Some steps must be completed. Business registration in Saudi Arabia takes about three weeks from start to end.
 
 The Saudi government officials have expressed their intention to attract foreign small and mediu m-sized enterprises (SME) to the kingdom. The SME General Agency (MONSHA'T) aims to raise the proportion of small and mediu m-sized businesses in the kingdom GDP by 2030 from 20 % to 35 %. SAG continues to develop an initiative that spurs the development of Saudi Arabia's SME Eco System. As of 2019, women no longer need a male guardian to apply for a business permit. Small and mediu m-sized enterprises provide on e-stop shops for financing for small and mediu m-sized enterprises, and the nationwide business innovation portal (https://fikra. sa/ "fikra) provides guidance and resources for small and mediu m-sized enterprises. There is.
 
 Saudi Arabia has signed a WTO development investment facilitation agreement.
 
 Saudi people, Saudi Arabic companies, and SAG companies are investing in wide overseas. The Saudi government has transformed the Public Investment Fund (PIF) into major international investors and government funds. PIF's foreign investment projects are featured in section 6 (financial sector). Saudi Aramco and SABIC are also major investors in the United States.
 
 Saudi Arabia has signed a tw o-country trade and investment agreement with more than 20 countries. The United States and Saudi Arabia signed the trade investment framework agreement (TIFA) in 2003 based on a inte r-country agreement on securing private investment with the United States since February 1975. The United States and Saudi Arabia were the last in March 2023 in Riyado.
 
 Saudi Arabia is a member of the Gulf Cooperative Council (GCC), including Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates. Although it is still developing, the GCC Customs Alliance officially guarantees the free movement of labor and capital in the block. The GCC is currently linked to Lebanon, Singapore, South Korea, Pakistan, European Free Trade Unions (Norway, Switzerland, Iceland, Liechtenstein), and 18 Arab Free Trade Agreements (FTA). GCC is negotiating additional FTA with China, European Union, New Zealand, UK, and some other trade partners.
 
 In July 2021, the Saudi Government government announced that the GCC tariff agreemen t-based special market access would not be applied to products manufactured in the free zone or products in partner with Israel manufacturers.
 
 In May 2021, the Zakato General Bureau (GAZT) and the General Customs Bureau were merged, and the Zakato, Tax, and Customs Bureau (ZATCA) was established to improve the tax and customs procedures of authorities, strengthen security, business, and trade exchange. I was planned. Saudi Arabia signed the "multilateral treaty to implement tax treat y-related measures to prevent tax source erosion and profit transfer." Saudi Arabia is a state in a statement on the solution of two pillars on a global tax task announced in October 2021. Saudi Arabia has not signed a tw o-country tax treaty with the United States, but has maintained a double taxation agreement with 57 countries as of March 2024.
 
 Handling of corporate taxes for foreign and domestic companies in Saudi Arabia has been favored by joint ventures with Saudi and Saudi Arabia. SAG imposes a uniform corporate tax rate on foreign investors. Saudi investors do not pay corporate income tax, but are subject to 2. 5 % tax ("Zakart") for net luxury assets. The valu e-added tax (VAT) for all products and services is currently 15 %.
 
 Companies that operate in the oil and gas category of Saudi Arabia may face a 50-85 % tax rate. The exact tax rate varies depending on the type of capital investment and hydrogen production.
 
 In May 2020, the Saudi Arabia Customs Agency announced the revised harmony duties on June 10, 2020. The raising width fits within the upper limit specified by the WTO, but some tax rates were up to 25 %.
 
 5. Protection of Property Rights
 
 Real Property
 
 Saudi Arabia's investment policy is less opaque than in other fields, but few SAG regulatory systems are completely transparent. The bureaucratic procedure is complicated, but if you continue to work patiently, you can overcome it. Foreign portfolios investment on Saudi Arabia stock exchanges is properly regulated by the Corporation Agency (CMA). CMA has gradually liberalized the requirements of a "qualified foreign investor" trading Saudi securities. Insurance and banks that are listed on the Saudi Stock Exchange are required to publish financial statements in accordance with accounting standards for international financial reporting standards (IFRS). All other companies are required to follow the accounting standards issued by the Saudi Certified Public Public Accountant Organizer. In May 2021, the Zakato General Bureau (GAZT) and the General Customs Bureau were merged, and the Zakato, Tax, Customs General (ZATCA) was established, improving tax and customs procedures of authorities, security, business, trade exchange. Was strengthened. Saudi Arabia signed the "multilateral treaty to implement tax treat y-related measures to prevent tax source erosion and profit transfer." Saudi Arabia is a state in a statement on the solution of two pillars on a global tax task announced in October 2021. Saudi Arabia has not signed a tw o-country tax treaty with the United States, but has maintained a double taxation agreement with 57 countries as of March 2024.
 
 Handling of corporate taxes for foreign and domestic companies in Saudi Arabia has been favored by joint ventures with Saudi and Saudi Arabia. SAG imposes a uniform corporate tax rate on foreign investors. Saudi investors do not pay corporate income tax, but are subject to 2. 5 % tax ("Zakart") for net luxury assets. The valu e-added tax (VAT) for all products and services is currently 15 %.
 
 Intellectual Property Rights
 
 Companies that operate in the oil and gas category of Saudi Arabia may face a 50-85 % tax rate. The exact tax rate varies depending on the type of capital investment and hydrogen production.
 
 In May 2020, the Saudi Arabia Customs Agency announced the revised harmony duties on June 10, 2020. The raising width fits within the upper limit specified by the WTO, but some tax rates were up to 25 %.
 
 Saudi Arabia's investment policy is less opaque than in other fields, but few SAG regulatory systems are completely transparent. The bureaucratic procedure is complicated, but if you continue to work patiently, you can overcome it. Foreign portfolios investment on Saudi Arabia stock exchanges is properly regulated by the Corporation Agency (CMA). CMA has gradually liberalized the requirements of a "qualified foreign investor" trading Saudi securities. Insurance and banks that are listed on the Saudi Stock Exchange are required to publish financial statements in accordance with accounting standards for international financial reporting standards (IFRS). All other companies are required to follow the accounting standards issued by the Saudi Certified Public Public Accountant Organizer. In May 2021, the Zakato General Bureau (GAZT) and the General Customs Bureau were merged, and the Zakato, Tax, and Customs Bureau (ZATCA) was established to improve the tax and customs procedures of authorities, strengthen security, business, and trade exchange. I was planned. Saudi Arabia signed the "multilateral treaty to implement tax treat y-related measures to prevent tax source erosion and profit transfer." Saudi Arabia is a state in a statement on the solution of two pillars on a global tax task announced in October 2021. Saudi Arabia has not signed a tw o-country tax treaty with the United States, but has maintained a double taxation agreement with 57 countries as of March 2024.
 
 Handling of corporate taxes for foreign and domestic companies in Saudi Arabia has been favored by joint ventures with Saudi and Saudi Arabia. SAG imposes a uniform corporate tax rate on foreign investors. Saudi investors do not pay corporate income tax, but are subject to 2. 5 % tax ("Zakart") for net luxury assets. The valu e-added tax (VAT) for all products and services is currently 15 %.
 
 Companies that operate in the oil and gas category of Saudi Arabia may face a 50-85 % tax rate. The exact tax rate varies depending on the type of capital investment and hydrogen production.
 
 In May 2020, the Saudi Arabia Customs Agency announced the revised harmony duties on June 10, 2020. The raising width fits within the upper limit specified by the WTO, but some tax rates were up to 25 %.
 
 Saudi Arabia's investment policy is less opaque than in other fields, but few SAG regulatory systems are completely transparent. The bureaucratic procedure is complicated, but if you continue to work patiently, you can overcome it. Foreign portfolios investment on Saudi Arabia stock exchanges is properly regulated by the Corporation Agency (CMA). CMA has gradually liberalized the requirements of a "qualified foreign investor" trading Saudi securities. Insurance and banks that are listed on the Saudi Stock Exchange are required to publish financial statements in accordance with accounting standards for international financial reporting standards (IFRS). All other companies are required to follow the accounting standards issued by the Saudi Certified Public Public Accountant Organizer.
 
 6. Financial Sector
 
 Capital Markets and Portfolio Investment
 
 Stakeholder consultation on regulatory issues is inconsistent. Some Saudi Arabian organizations are enthusiastic about consulting companies affected by the regulatory process, while others tend to issue regulations without any consultation at all. Proposed laws and regulations are not always published as drafts for public comment. However, an increasing number of government agencies are soliciting public comments through their websites or the National Competitiveness Center's public consultation platform "HYPERLINK" https://istitlaa. ncc. gov. sa/en/Pages/default. aspx "Istitlaa". That said, stakeholder consultation processes and procedures generally remain opaque and are not codified in laws or regulations. There are no private sector or government efforts to restrict foreign participation in available industry standard-setting consortia and organizations. There is also no informal regulatory process managed by NGOs or private entities.
 
 Saudi Arabia uses technical regulations developed by the Saudi Arabian Standards Organization (SASO), the Saudi Arabian Food and Drug Authority (SFDA), and the Gulf Standards Organization (GSO). While GCC member states continue to work toward common requirements and standards, each member state, and Saudi Arabia through SASO, maintains a great deal of autonomy in the development, implementation, and enforcement of technical regulations and conformity assessment procedures in their own territories. Technical differences between GSO and Saudi Arabia are difficult to resolve. Recently, Saudi Arabia has been moving toward adopting a single standard for technical regulations. This standard is often based on International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC) standards, to the exclusion of other international standards, such as those developed by U. S.-based Standards Development Organizations (SDOs). Stakeholder consultation on regulatory issues is inconsistent. Some Saudi Arabian organizations are diligent in consulting companies affected by the regulatory process, while others tend to issue regulations without any consultation at all. Proposed laws and regulations are not always published as drafts for public comment. However, an increasing number of government agencies are inviting public comments through their websites and the National Competitiveness Center's public consultation platform "HYPERLINK" https://istitlaa. ncc. gov. sa/en/Pages/default. aspx "Istitlaa". Nevertheless, stakeholder consultation processes and procedures remain generally opaque and are not codified in laws or regulations. There are no private sector or government initiatives to restrict foreign participation in available industry standard-setting consortia and organizations. There are also no informal regulatory processes managed by NGOs or private entities.
 
 Saudi Arabia uses technical regulations developed by the Saudi Arabian Standards Organization (SASO), the Saudi Arabian Food and Drug Authority (SFDA), and the Gulf Standards Organization (GSO). While GCC member states continue to work toward common requirements and standards, each member state, and Saudi Arabia through SASO, maintains a great deal of autonomy in the development, implementation, and enforcement of technical regulations and conformity assessment procedures in their territories. Technical differences between GSO and Saudi Arabia are difficult to resolve. Recently, Saudi Arabia has been moving towards adopting a single standard for technical regulations. This standard is often based on International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC) standards, to the exclusion of other international standards, such as those developed by U. S.-based Standards Development Organizations (SDOs). Stakeholder consultation on regulatory issues is inconsistent. Some Saudi Arabian organizations are diligent in consulting companies affected by the regulatory process, while others tend to issue regulations without any consultation at all. Proposed laws and regulations are not always published as drafts for public comment. However, an increasing number of government agencies are inviting public comments through their websites or the National Competitiveness Center's public consultation platform "HYPERLINK" https://istitlaa. ncc. gov. sa/en/Pages/default. aspx "Istitlaa". Nevertheless, the process and procedures for stakeholder consultation generally remain opaque and are not codified in laws or regulations. There are no private sector or government initiatives that limit foreign participation in available industry standard-setting consortia or organizations. There are also no informal regulatory processes managed by NGOs or private organizations.
 
 Money and Banking System
 
 Saudi Arabia uses technical regulations developed by the Saudi Arabian Standards Organization (SASO), the Saudi Arabian Food and Drug Authority (SFDA), and the Gulf Standards Organization (GSO). While GCC member states continue to work toward common requirements and standards, each member state, and Saudi Arabia through SASO, maintains a great deal of autonomy in the development, implementation, and enforcement of technical regulations and conformity assessment procedures in their own territories. Technical differences between the GSO and Saudi Arabia are difficult to resolve. Recently, Saudi Arabia has been moving toward adopting a single standard for its technical regulations. This standard is often based on International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC) standards, to the exclusion of other international standards, such as those developed by U. S.-based Standards Development Organizations (SDOs).
 
 Saudi Arabia's exclusion of these other international standards, which are often used by U. S. manufacturers, could pose significant market entry barriers to industrial and consumer products exported from the United States. The U. S. government has engaged Saudi Arabian authorities on the principles of international standards from the WTO Committee on Technical Barriers to Trade and encouraged them to adopt standards developed in accordance with those principles into Saudi Arabia's technical regulations, allowing all products that meet those standards to enter the Saudi market. Several U. S.-based standards organizations, including SDOs and individual companies, have also been involved with SASO, with varying success, to maintain market access for U. S. products, ranging from electrical equipment to footwear.
 
 As a WTO member, Saudi Arabia must notify the WTO's Committee on Technical Barriers to Trade of all proposed technical regulations, and the Sanitary and Phytosanitary Committee on various agricultural products. Saudi Arabia has not always notified the WTO of regulatory updates in a timely manner.
 
 Saudi Arabia's legal system is derived from Islamic law, known as Sharia. Meanwhile, Saudi Arabia's commercial law is still developing. In 2016, Saudi Arabia took an important step toward improving its dispute resolution regime with the establishment of the Saudi Center for Commercial Arbitration (see Dispute Resolution section below). Through its Commercial Law Development Program, the U. S. Department of Commerce has provided capacity-building programs to Saudi Arabian actors in areas such as contract enforcement, public procurement, and bankruptcy. In 2020, the SAG approved the Commercial Courts Law, reorganizing the Kingdom's commercial courts and improving court procedures.
 
 The Ministry of Justice Saudi Arabia has supervised the Charli a-based judicial system, but most ministries have set up a committee to judge projects under its jurisdiction. The judicial and regulations decisions can be appealed. In Saudi Arabia, many disputes that are processed in court are processed through government agencies and processes within ministries in the United States. In general, the Saudi Arabia complaint processing committee is under the jurisdiction of commercial disputes between the government and private contractors. The council also examines whether all foreign arbitration and foreign court ruling are compliant with Charia. This judging process may be prolonged, and the result is unpredictable.
 
 Foreign Exchange and Remittances
 
 Foreign Exchange
 
 The track record of the Kingdom of other GC C-based economic agreements and other GCC nations and other Arab Federation Court based on the Arab Federation Treaty has been executed by the execution of other foreign courts. Excellent. The monetary judgment is based on the contract conditions, for example, if the contract is calculated by US dollars, you may be able to obtain a U. S. dollar. If there is no specification, the ruling will be Saudi Arabiaryal.
 
 Remittance Policies
 
 As with overseas investment, US investors thoroughly investigated the proposed Saudi partner's business track record, hired a legal advisor, carefully complied with all legal steps in the investment process, and was well developed. It is important to take measures to protect yourself by securing a contract. Even after a dispute issued, it could take several years to execute the ruling. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and appropriate contract clauses for dispute resolution.
 
 In 2021, the Crown Prince increased the prediction and transparency of the legal system, promoted trade, and expanded women's protection, such as the Civil Trading Law, Evidence Law, etc. We announced a draft law amendment. To date, Saudi Arabia promulgates the new evidence law and the new status method, and has been enforced since May 2022. Saudi Arabia has also enacted the New Civil Trade Law enforced in December 2022, fully cultivated contract laws and tort, and stipulates new rules for damages. The new criminal law has not yet been approved. The Ministry of Justice Saudi Arabia has supervised the Charli a-based judicial system, but most ministries have set up a committee to judge projects under its jurisdiction. The judicial and regulations decisions can be appealed. In Saudi Arabia, many disputes that are processed in court are processed through government agencies and processes within ministries in the United States. In general, the Saudi Arabia complaint processing committee is under the jurisdiction of commercial disputes between the government and private contractors. The council also examines whether all foreign arbitration and foreign court ruling are compliant with Charia. This judging process may be prolonged, and the result is unpredictable.
 
 Sovereign Wealth Funds
 
 The track record of the Kingdom of other GC C-based economic agreements and other GCC nations and other Arab Federation Court based on the Arab Federation Treaty has been executed by the execution of other foreign courts. Excellent. The monetary judgment is based on the contract conditions, for example, if the contract is calculated by US dollars, you may be able to obtain a U. S. dollar. If there is no specification, the ruling will be Saudi Arabiaryal.
 
 As with overseas investment, US investors thoroughly investigated the proposed Saudi partner's business track record, hired a legal advisor, carefully complied with all legal steps in the investment process, and was well developed. It is important to take measures to protect yourself by securing a contract. Even after a dispute issued, it could take several years to execute the ruling. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and appropriate contract clauses for dispute resolution.
 
 In 2021, the Crown Prince increased the prediction and transparency of the legal system, promoted trade, and expanded women's protection, such as the Civil Trading Law, Evidence Law, etc. We announced a draft law amendment. To date, Saudi Arabia promulgates the new evidence law and the new status method, and has been enforced since May 2022. Saudi Arabia has also enacted the New Civil Trade Law enforced in December 2022, fully cultivated contract laws and tort, and stipulates new rules for damages. The new criminal law has not yet been approved. The Ministry of Justice Saudi Arabia has supervised the Charli a-based judicial system, but most ministries have set up a committee to judge projects under its jurisdiction. The judicial and regulations decisions can be appealed. In Saudi Arabia, many disputes that are processed in court are processed through government agencies and processes within ministries in the United States. In general, the Saudi Arabia complaint processing committee is under the jurisdiction of commercial disputes between the government and private contractors. The council also examines whether all foreign arbitration and foreign court ruling are compliant with Charia. This judging process may be prolonged, and the result is unpredictable.
 
 The track record of the Kingdom of other GC C-based economic agreements and other GCC nations and other Arab Federation Court based on the Arab Federation Treaty has been executed by the execution of other foreign courts. Excellent. The monetary judgment is based on the contract conditions, for example, if the contract is calculated by US dollars, you may be able to obtain a U. S. dollar. If there is no specification, the ruling will be Saudi Arabiaryal.
 
 As with overseas investment, US investors thoroughly investigated the proposed Saudi partner's business track record, hired a legal advisor, carefully complied with all legal steps in the investment process, and was well developed. It is important to take measures to protect yourself by securing a contract. Even after a dispute issued, it could take several years to execute the ruling. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and appropriate contract clauses for dispute resolution.
 
 In 2021, the Crown Prince increased the prediction and transparency of the legal system, promoted trade, and expanded women's protection, such as the Civil Trading Law, Evidence Law, etc. We announced a draft law amendment. To date, Saudi Arabia promulgates the new evidence law and the new status method, and has been enforced since May 2022. Saudi Arabia has also enacted the New Civil Trade Law enforced in December 2022, fully cultivated contract laws and tort, and stipulates new rules for damages. The new criminal law has not yet been approved.
 
 7. State-Owned Enterprises
 
 In January 2019, the Saudi government established the General Trade Bureau (GAFT), strengthening no n-oil exports and investment in Saudi Arabia, increasing the contribution to foreign trade in the private sector, and encountering Saudi exporters and investors. We are aiming for solution. The Bureau will monitor the duty of Saudi Arabia under the international trade agreement and treaty, negotiate and conclude new international commercial and investment agreements, and represent the WTO Saudi Arabia. GAFT's governor reports to the Minister of Commerce.
 
 Despite the list of activities excluded from foreign investments (see the "restrictions on control by foreigners, individual ownership and the right to establish"), foreigners in the joint venture with Saudi Arabian partners The ownership of a minority shareholder may be recognized in some of these departments. Foreign investors do not need to get local partners in many fields and own real estate for corporate activities. Foreign investors will be allowed to send money from companies to the country if they meet the "Saudi" frame, and can be a sponsor of foreign employees (see the section on "Labor Policy"). 。 The minimum capital necessary for establishing a business entity is $ 0 to 8 million, depending on the type of industry and investment. In January 2019, the Saudi government has established the General Trade Bureau (GAFT), enhancing no n-oil exports and investment in Saudi Arabia, increasing the contribution to foreign trade in the private sector, and some exporters and investors in Saudi Arabia. We are aiming to solve the obstacle to encounter. The Bureau will monitor the duty of Saudi Arabia under the international trade agreement and treaty, negotiate and conclude new international commercial and investment agreements, and represent the WTO Saudi Arabia. GAFT's governor reports to the Minister of Commerce.
 
 Despite the list of activities excluded from foreign investments (see the "restrictions on control by foreigners, individual ownership and the right to establish"), foreigners in the joint venture with Saudi Arabian partners The ownership of a minority shareholder may be recognized in some of these departments. Foreign investors do not need to get local partners in many fields and own real estate for corporate activities. Foreign investors will be allowed to send money from companies to the country if they meet the "Saudi" frame, and can be a sponsor of foreign employees (see the section on "Labor Policy"). 。 The minimum capital necessary for establishing a business entity is $ 0 to 8 million, depending on the type of industry and investment. In January 2019, the Saudi government established the General Trade Bureau (GAFT), strengthening no n-oil exports and investment in Saudi Arabia, increasing the contribution to foreign trade in the private sector, and encountering Saudi exporters and investors. We are aiming for solution. The Bureau will monitor the duty of Saudi Arabia under the international trade agreement and treaty, negotiate and conclude new international commercial and investment agreements, and represent the WTO Saudi Arabia. GAFT's governor reports to the Minister of Commerce.
 
 Privatization Program
 
 Despite the list of activities excluded from foreign investments (see the "restrictions on control by foreigners, individual ownership and the right to establish"), foreigners in the joint venture with Saudi Arabian partners The ownership of a minority shareholder may be recognized in some of these departments. Foreign investors do not need to get local partners in many fields and own real estate for corporate activities. Foreign investors will be allowed to send money from companies to the country if they meet the "Saudi" frame, and can be a sponsor of foreign employees (see the section on "Labor Policy"). 。 The minimum capital necessary for establishing a business entity is $ 0 to 8 million, depending on the type of industry and investment.
 
 MISA provides detailed information on investment processes, provides foreign investors a license and support service, and coordinates with the Ministry of Government to promote investment. According to MISA, a license must be granted or refused within five days after receiving an application and backing documents from an investment applicant. MISA has formulated a license guidelines and published online, but many companies that are considering investment in Saudi Arabia will continue to cooperate with local agents to navigate the bureaucratic license acquisition process. I'm working. MISA has approved foreign investment by field, and each has its own regulations and requirements. MISA's Invest Saudi website has a list of these sector. In general, MISA requires two documents to get an investor license. It is a copy of the business entity in the homeland of the business, and the financial statements of the previous year, which was created by a law firm, which is highly evaluated internationally, and authenticated by the Saudi Arabia Embassy. MISA also offers some special purpose licenses for bidding and fulfillment of government contracts. Foreign companies need to explain the planned commercial activities in some detail, and at the discretion of MISA, obtain any license in these fields. Depending on the type of license issued, foreign companies may need to approve relevant government agencies, such as the Ministry of Health and the Ministry of Tourism.
 
 8. Responsible Business Conduct
 
 MISA's important purpose is to make sure that investors do not only acquire and hold licenses without investing, and MISA has not contributed to the local economy. Sometimes canceled. MISA's regular license screening can be canceled, bringing investors to be uncertain and can be a factor in lon g-term investment commitments. MISA provides detailed information on investment processes, provides foreign investors a license and support service, and coordinates with government ministries to promote investment. According to MISA, a license must be granted or refused within five days after receiving an application and backing documents from an investment applicant. MISA has formulated a license guidelines and published online, but many companies that are considering investment in Saudi Arabia will continue to cooperate with local agents to navigate the bureaucratic license acquisition process. I'm working. MISA has approved foreign investment by field, and each has its own regulations and requirements. MISA's Invest Saudi website has a list of these sector. In general, MISA requires two documents to get an investor license. It is a copy of the business entity in the homeland of the business, and the financial statements of the previous year, which was created by a law firm, which is highly evaluated internationally, and authenticated by the Saudi Arabia Embassy. MISA also offers some special purpose licenses for bidding and fulfillment of government contracts. Foreign companies need to explain the planned commercial activities in some detail, and at the discretion of MISA, obtain any license in these fields. Depending on the type of license issued, foreign companies may need to approve relevant government agencies, such as the Ministry of Health and the Ministry of Tourism.
 
 MISA's important purpose is to make sure that investors do not only acquire and hold licenses without investing, and MISA has not contributed to the local economy. Sometimes canceled. MISA's regular license screening can be canceled, bringing investors to be uncertain and can be a factor in lon g-term investment commitments. MISA provides detailed information on investment processes, provides foreign investors a license and support service, and coordinates with the Ministry of Government to promote investment. According to MISA, a license must be granted or refused within five days after receiving an application and backing documents from an investment applicant. MISA has formulated a license guideline and published online, but many companies that are considering investment in Saudi Arabia will continue to cooperate with local agents to navigate the bureaucratic license acquisition process. I'm working. MISA has approved foreign investment by field, and each has its own regulations and requirements. MISA's Invest Saudi website has a list of these sector. In general, MISA requires two documents to get an investor license. It is a copy of the business entity in the homeland of the business, and the financial statements of the previous year, which was created by a law firm, which is highly evaluated internationally, and authenticated by the Saudi Arabia Embassy. MISA also offers some special purpose licenses for bidding and fulfillment of government contracts. Foreign companies need to explain the planned commercial activities in some detail, and obtain any license in these fields at the discretion of MISA. Depending on the type of license issued, foreign companies may need to approve relevant government agencies, such as the Ministry of Health and the Ministry of Tourism.
 
 Additional Resources
 
 Climate Issues
 
 MISA's important purpose is to make sure that investors do not only acquire and hold licenses without investing, and MISA has not contributed to the local economy. Sometimes canceled. MISA's regular license screening can be canceled, bringing investors to be uncertain and can be a factor in lon g-term investment commitments.
 
 MISA has signed an agreement with various SAG institutions and ministries to promote and rationalize foreign investment. With these agreements, MISA promotes visa issuance, established the MISA bureau at the Embassy of Saudi Arabia in each country, extended the expulsion of imported ingredients in three years, and extended production and manufacturing facilities to two years. Commercial court can be set up. MISA can be a visa application without going through a local company, as business people can easily visit Saudi Arabia. Saudi Arabia has enacted a Cabinet Order that unnecessary sponsors for a particular business visa. MISA has prepared infrastructure to support foreign investment, but many companies have reported that the process is still complicated and tim e-consuming, despite some improvements.
 
 The Competition Bureau (GAC) examines merger transactions for competitio n-related concerns, investigates business acts including suspicions of price operation, imposes fine, and approves application exclusion applications for specific business activities. You can.
 
 The revised competitive law applied to all companies working in Saudi Arabia, and occurred outside of Saudi Arabia, in addition to all activities related to products related to products in Saudi Arabia. Opposters that affect domestic competition are also eligible. Competition law prohibits ant i-competitive practices and agreements. This includes vertical corporate bonds. As a result, companies that develop business in Saudi Arabia may be difficult to register an exclusive clause in the sales contract, but it is not always hindered to execute such a clause in the Saudi court.
 
 Certain merger transactions need to be notified to GAC, and each company involved in the merger is obliged to report to GAC. GAC can approve merger transactions, conditionally approve, and refuse.
 
 9. Corruption
 
 The embassy does not know the case in Saudi Arabia that foreign investors have been exposed without sufficient compensation. However, some small and mediu m-sized foreign investors have appealed that investment licenses have been canceled for a legitimate reason and investment has been confiscated. MISA has signed an agreement with various SAG institutions and ministries to promote and rationalize foreign investment. With these agreements, MISA promotes visa issuance, established the MISA bureau at the Embassy of Saudi Arabia in each country, extended the expulsion of imported ingredients in three years, and extended production and manufacturing facilities to two years. Commercial court can be set up. MISA can be a visa application without going through a local company, as business people can easily visit Saudi Arabia. Saudi Arabia has enacted a Cabinet Order that unnecessary sponsors for a particular business visa. MISA has prepared infrastructure to support foreign investment, but many companies have reported that the process is still complicated and tim e-consuming, despite some improvements.
 
 The Competition Bureau (GAC) examines merger transactions for competitio n-related concerns, investigates business acts including suspicions of price operation, imposes fine, and approves application exclusion applications for specific business activities. You can.
 
 The revised competitive law applied to all companies working in Saudi Arabia, and occurred outside of Saudi Arabia, in addition to all activities related to products related to products in Saudi Arabia. Opposters that affect domestic competition are also eligible. Competition law prohibits ant i-competitive practices and agreements. This includes vertical corporate bonds. As a result, companies that develop business in Saudi Arabia may be difficult to register an exclusive clause in the sales contract, but it is not always hindered to execute such a clause in the Saudi court.
 
 Certain merger transactions need to be notified to GAC, and each company involved in the merger is obliged to report to GAC. GAC can approve merger transactions, conditionally approve, and refuse.
 
 The embassy does not know the case in Saudi Arabia that foreign investors have been exposed without sufficient compensation. However, some small and mediu m-sized foreign investors have appealed that investment licenses have been canceled for a legitimate reason and investment has been confiscated. MISA has signed an agreement with various SAG institutions and ministries to promote and rationalize foreign investment. With these agreements, MISA promotes visa issuance, established the MISA bureau at the Embassy of Saudi Arabia in each country, extended the expulsion of imported ingredients in three years, and extended production and manufacturing facilities to two years. Commercial court can be set up. MISA can be a visa application without going through a local company, as business people can easily visit Saudi Arabia. Saudi Arabia has enacted a Cabinet Order that unnecessary sponsors for a particular business visa. MISA has prepared infrastructure to support foreign investment, but many companies have reported that the process is still complicated and tim e-consuming, despite some improvements.
 
 The Competition Bureau (GAC) examines merger transactions for competitio n-related concerns, investigates business acts including suspicions of price operation, imposes fine, and approves application exclusion applications for specific business activities. You can.
 
 Resources to Report Corruption
 
 The revised competitive law applied to all companies working in Saudi Arabia, and occurred outside of Saudi Arabia, in addition to all activities related to products related to products in Saudi Arabia. Opposters that affect domestic competition are also eligible. Competition law prohibits ant i-competitive practices and agreements. This includes vertical corporate bonds. As a result, companies that develop business in Saudi Arabia may be difficult to register an exclusive clause in the sales contract, but it is not always hindered to execute such a clause in the Saudi court.
 
 Certain merger transactions need to be notified to GAC, and each company involved in the merger is obliged to report to GAC. GAC can approve merger transactions, conditionally approve, and refuse.
 
 The embassy does not know the case in Saudi Arabia that foreign investors have been exposed without sufficient compensation. However, some small and mediu m-sized foreign investors have appealed that investment licenses have been canceled for a legitimate reason and investment has been confiscated.
 
 10. Political and Security Environment
 
 The Saudi Kingdom ratified the 1958 New York Convention on approval and execution of foreign arbitration in 1994. Saudi Arabia is also a member of the Investment Dispute Solving International Center Convention (ICSID), but under the membership conditions, we will be forced to incorporate investment disputes to this system unless there is a specific consent provided on a cas e-b y-case basis. I can't.
 
 11. Labor Policies and Practices
 
 Since the enforcement law was promulgated in 2012, foreign and local arbitration has now been brought to the executive court as in the same way as the domestic ruling. It has been proven that these new execution procedures are generally more quick and more effective than the old system, which requires the final screening by the Saudi court. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and contract clauses to resolve conflicts.
 
 In the past, it has been found that the resolution and execution of the disconnection of foreign arbitration in Saudi Arabia involves time and uncertainties, and there is a risk that the principle of Shalia may prioritize foreign ruling and precedents. Even after a conflict is sentenced, it may take some time to execute the ruling. In some cases, conflicts have caused serious problems with foreign investors. If fraud or debt is suspected, foreign partners may be imprisoned to prevent departure while waiting for police investigations and court ruling. The court theoretically, can prevent personal property before the ruling of a trading conflict is issued, but this remedy has not been applied much. Kingdom of Saudi Arabia ratified the 1958 New York Convention on approval and execution of foreign arbitration in 1994. Saudi Arabia is also a member of the Investment Dispute Solving International Center Convention (ICSID), but under the membership conditions, we will be forced to incorporate investment disputes to this system unless there is a specific consent provided on a cas e-b y-case basis. I can't.
 
 Since the enforcement law was promulgated in 2012, foreign and local arbitration has now been brought to the executive court as in the same way as the domestic ruling. It has been proven that these new execution procedures are generally more quick and more effective than the old system, which requires the final screening by the Saudi court. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and contract clauses to resolve conflicts.
 
 In the past, it has been found that the resolution and execution of the disconnection of foreign arbitration in Saudi Arabia involves time and uncertainties, and there is a risk that the principle of Shalia may prioritize foreign ruling and precedents. Even after a conflict is sentenced, it may take some time to execute the ruling. In some cases, conflicts have caused serious problems with foreign investors. If fraud or debt is suspected, foreign partners may be imprisoned to prevent departure while waiting for police investigations and court ruling. The court theoretically, can prevent personal property before the ruling of a trading conflict is issued, but this remedy has not been applied much. The Saudi Kingdom ratified the 1958 New York Convention on approval and execution of foreign arbitration in 1994. Saudi Arabia is also a member of the Investment Dispute Solving International Center Convention (ICSID), but under the membership conditions, we will be forced to incorporate investment disputes to this system unless there is a specific consent provided on a cas e-b y-case basis. I can't.
 
 Since the enforcement law was promulgated in 2012, foreign and local arbitration has now been brought to the executive court as in the same way as the domestic ruling. It has been proven that these new execution procedures are generally more quick and more effective than the old system, which requires the final screening by the Saudi court. The U. S. government recommends consulting a local lawyer before investing to examine legal choices and contract clauses to resolve conflicts.
 
 In the past, it has been found that the resolution and execution of the disconnection of foreign arbitration in Saudi Arabia involves time and uncertainties, and there is a risk that the principle of Shalia may prioritize foreign ruling and precedents. Even after a conflict is sentenced, it may take some time to execute the ruling. In some cases, conflicts have caused serious problems with foreign investors. If fraud or debt is suspected, foreign partners may be imprisoned to prevent departure while waiting for police investigations and court ruling. The court theoretically, can prevent personal property before the ruling of a trading conflict is issued, but this remedy has not been applied much.
 
 SAG has a commitment to improve the quality of legal procedures related to commercial transactions and improve access to the no n-court dispute resolution mechanism. According to local lawyers, the quality of the final judgment in the court system has improved, but the lawsuit still takes too long. The Saudi Corporation Orthodox Center (SCCA) provides comprehensive arbitration services to domestic and foreign companies based on the rules of the United Nations International Trade Law (UNCITRAL). According to the SCCA, domestic and overseas law firms have begun to include referrals to the SCCA in the arbitration clause of the contract. In 2023, the SCCA includes the establishment of the SCCA court, which consists of 15 arbitrators, clarifies the reasons for the appointment of arbitrators, the provisions for more timely case processing, and the right to proxy by foreign lawyers. The updated arbitration rules have been announced.
 
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 In December 2017, UNCITRAL approved Saudi Arabia as an arbitration of arbitration based on the 2006 UNCITRAL Model Arbitration Law. UNCITRAL has taken this measure after Saudi Judge has revealed that Shalya does not affect the execution of foreign arbitration. In May 2020, Saudi Arabia was the fourth country that ratified the United Nations Convention on International Contractors, which is also known as the "mediation Singapore Treaty", and ratified the Treaty. The ratifying of Saudi Arabia, which falls under the Treaty, and has an international settlement agreement on assets located in Saudi Arabia, may be executed in the Saudi court.
 
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 In August 2018, SAG has enacted a new bankruptcy law aiming to "further promote a healthy business environment that promotes domestic and overseas investors and local small and mediu m-sized businesses." The law clarifies the procedure process and has acknowledged a separate creditor class (such as a collector). It also includes procedures to continue the management of companies that have led to management difficulties due to financial restructuring. Alternatively, the parties can pursue the orderly liquidation of the company assets, and the liquidation is managed by the approved bankruptcy trustee appointed by the court. The Saudi court has begun accepting and hearing a lawsuit based on this new law. SAG has a commitment to improve the quality of legal procedures related to commercial transactions and improve access to the no n-court dispute resolution mechanism. According to local lawyers, the quality of the final judgment in the court system has improved, but the lawsuit still takes too long. The Saudi Corporation Orthodox Center (SCCA) provides comprehensive arbitration services to domestic and foreign companies based on the rules of the United Nations International Trade Law (UNCITRAL). According to the SCCA, domestic and overseas law firms have begun to include referrals to the SCCA in the arbitration clause of the contract. In 2023, the SCCA includes the establishment of the SCCA court, which consists of 15 arbitrators, clarifies the reasons for the appointment of arbitrators, the provisions for more timely case processing, and the right to proxy by foreign lawyers. The updated arbitration rules have been announced.
 - In December 2017, UNCITRAL approved Saudi Arabia as an arbitration of arbitration based on the 2006 UNCITRAL Model Arbitration Law. UNCITRAL has taken this measure after Saudi Judge has revealed that Shalya does not affect the execution of foreign arbitration. In May 2020, Saudi Arabia was the fourth country that ratified the United Nations Convention on International Contractors, which is also known as the "mediation Singapore Treaty", and ratified the Treaty. The ratifying of Saudi Arabia, which falls under the Treaty, and has an international settlement agreement on assets located in Saudi Arabia, may be executed in the Saudi court.
 - In August 2018, SAG has enacted a new bankruptcy law aimed at further promoting a healthy business environment that promotes the entry of domestic and overseas investors and local small and mediu m-sized enterprises. The law clarifies the procedure process and has acknowledged a separate creditor class (such as a collector). It also includes procedures to continue the management of companies that have led to management difficulties due to financial restructuring. Alternatively, the parties can pursue the orderly liquidation of the company assets, and the liquidation is managed by the approved bankruptcy trustee appointed by the court. The Saudi court has begun accepting and hearing a lawsuit based on this new law. SAG has a commitment to improve the quality of legal procedures related to commercial transactions and improve access to the no n-court dispute resolution mechanism. According to local lawyers, the quality of the final judgment in the court system has improved, but the lawsuit still takes too long. The Saudi Corporation Orthodox Center (SCCA) provides comprehensive arbitration services to domestic and foreign companies based on the rules of the United Nations International Trade Law (UNCITRAL). According to the SCCA, domestic and overseas law firms have begun to include referrals to the SCCA in the arbitration clause of the contract. In 2023, the SCCA includes the establishment of the SCCA court, which consists of 15 arbitrators, clarifies the reasons for the appointment of arbitrators, the provisions for more timely case processing, and the right to proxy by foreign lawyers. The updated arbitration rules have been announced.
 - In December 2017, UNCITRAL approved Saudi Arabia as an arbitration of arbitration based on the 2006 UNCITRAL Model Arbitration Law. UNCITRAL has taken this measure after Saudi Judge has revealed that Shalya does not affect the execution of foreign arbitration. In May 2020, Saudi Arabia was the fourth country that ratified the United Nations Convention on International Contractors, which is also known as the "mediation Singapore Treaty", and ratified the Treaty. The ratifying of Saudi Arabia, which falls under the Treaty, and has an international settlement agreement on assets located in Saudi Arabia, may be executed in the Saudi court.
 In August 2018, SAG has enacted a new bankruptcy law aimed at further promoting a healthy business environment that promotes the entry of domestic and overseas investors and local small and mediu m-sized enterprises. The law clarifies the procedure process and has acknowledged a separate creditor class (such as a collector). It also includes procedures to continue the management of companies that have led to management difficulties due to financial restructuring. Alternatively, the parties can pursue the orderly liquidation of the company assets, and the liquidation is managed by the approved bankruptcy trustee appointed by the court. The Saudi court has begun accepting and hearing a lawsuit based on this new law.
 
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 MISA is a loan for foreigners who are considering investing in Saudi Arabia, the use of energy and utility in industrial cities, employment support programs, pr e-exported loans for exporters in Saudi Arabia, and after shipment to overseas buyers It advertises several economic benefits, such as a specific material, equipment, and machinery reduction exemption, lack of individual income tax, and a corporate tax rate of 20 % (the lowest among the G20 countries). When foreig n-affiliated companies and international companies establish an office in Saudi Arabia, special preferential treatments and support are provided, promoting integration activities in Saudi Arabia, transfer of knowledge, and cultivating human capital. The MISA Invest Saudi Arabian website also features various regions and international financial programs sponsored by SAG that foreign investors can use.
 - The SHAREEK ("partner" in Arabic) program promises a minimum of $ 5. 2 billion investment by 2030 and promotes investment partnerships with companies that can invest at least $ 16 million in each additional project. do. Participating companies can receive special support from SAGs from SAGs on shag programs, subsidies, shared investments, as well as regulations and other issues. The first projects supported by the Sharik program are mainly large Saudians, such as Saudi Aramco, SABIC, and Maaden.
 - The governmen t-affiliated financial institution, Saudi Arabia Industrial Development Fund (SIDF), has invested in private sector industrial investment by conducting medium- to lon g-term loans for projects for expanding, upgrading, and modernization of new factories and existing manufacturing facilities. I support you. SIDF provides 50-75 % of the project amount according to the location of the project. For example, foreign investors who establish manufacturing facilities in advanced areas (Riyad, Jida, Dunmam, Dunmam, Jubail, Mecca, Yanboo, Las Al Kaire) can get 15 years of loans up to 50 % of the project amount. Investors in the kingdom's later development areas can receive 20 years of loan up to 75 % of the project amount. SIDF also provides consultant services for local industrial projects in each field of government, finance, technology and marketing. MISA is a loan program for foreigners who are considering investing in Saudi Arabia, the use of energy and utility in industrial cities, employment support programs, Saudi Arabia exporters, and for overseas buyers for overseas buyers Control some economic benefits, such as loans, specific materials, equipment, and machinery reduction exemptions, lack of individual income tax, and 20 % (minimum among the G20 countries) for foreign companies. There is. When foreig n-affiliated companies and international companies establish an office in Saudi Arabia, special preferential treatments and support are provided, promoting integration activities in Saudi Arabia, transfer of knowledge, and cultivating human capital. The MISA Invest Saudi Arabian website also features various regions and international financial programs sponsored by SAG that foreign investors can use.
 - The SHAREEK ("partner" in Arabic) program promises a minimum of $ 5. 2 billion investment by 2030 and promotes investment partnerships with companies that can invest at least $ 16 million in each additional project. do. Participating companies can receive special support from SAGs from SAGs on shag programs, subsidies, shared investments, as well as regulations and other issues. The first projects supported by the Sharik program are mainly large Saudians, such as Saudi Aramco, SABIC, and Maaden.
 - The governmen t-affiliated financial institution, Saudi Arabia Industrial Development Fund (SIDF), has invested in private sector industrial investment by conducting medium- to lon g-term loans for projects for expanding, upgrading, and modernization of new factories and existing manufacturing facilities. I support you. SIDF provides 50-75 % of the project amount according to the location of the project. For example, foreign investors who establish manufacturing facilities in advanced areas (Riyad, Jida, Dunmam, Dunmam, Jubail, Mecca, Yanboo, Las Al Kaire) can get 15 years of loans up to 50 % of the project amount. Investors in the kingdom's later development areas can receive 20 years of loan up to 75 % of the project amount. SIDF also provides consultant services for local industrial projects in each field of government, finance, technology and marketing. MISA is a loan for foreigners who are considering investing in Saudi Arabia, the use of energy and utility in industrial cities, employment support programs, pr e-exported loans for exporters in Saudi Arabia, and after shipment to overseas buyers It advertises several economic benefits, such as a specific material, equipment, and machinery reduction exemption, lack of individual income tax, and a corporate tax rate of 20 % (the lowest among the G20 countries). When foreig n-affiliated companies and international companies establish an office in Saudi Arabia, special preferential treatments and support are provided, promoting integration activities in Saudi Arabia, transfer of knowledge, and cultivating human capital. The MISA Invest Saudi Arabian website also features various regions and international financial programs sponsored by SAG that foreign investors can use.
 - The SHAREEK ("partner" in Arabic) program promises a minimum of $ 5. 2 billion investment by 2030 and promotes investment partnerships with companies that can invest at least $ 16 million in each additional project. do. Participating companies can receive special support from SAGs from SAGs on shag programs, subsidies, shared investments, as well as regulations and other issues. The first projects supported by the Sharik program are mainly large Saudians, such as Saudi Aramco, SABIC, and Maaden.
 The governmen t-affiliated financial institution, Saudi Arabia Industrial Development Fund (SIDF), has invested in private sector industrial investment by conducting medium- to lon g-term loans for projects for expanding, upgrading, and modernization of new factories and existing manufacturing facilities. I support you. SIDF provides 50-75 % of the project amount according to the location of the project. For example, foreign investors who establish manufacturing facilities in advanced areas (Riyad, Jida, Dunmam, Dunmam, Jubail, Mecca, Yanboo, Las Al Kaire) can get 15 years of loans up to 50 % of the project amount. Investors in the kingdom's later development areas can receive 20 years of loan up to 75 % of the project amount. SIDF also provides consultant services for local industrial projects in each field of government, finance, technology and marketing.
 
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 The Saudi government has provided several incentive programs to promote the employment of Saudi Arabians. The Saudi Human Resources Development Fund (HRDF) provides programs on vocational training, vocational guidance, empowerment, and income support. For example, HRDF pays 30 % of the wages of Saudi Arabians in the first year of employment, and provides 20 % in the second year of employment and 10 % in the third year of employment (with a certain limit and upper limit). "Tamheer" is a field training program, and SAG pays a graduate of Saudi Arabia who has obtained a bachelor's or advanced degrees for 3 to 6 months. 。
 - American companies and other foreign companies can participate in the R & D (R & Amp; D) program, which is operated by the Kingdom R & D and Innovation Bureau (R & Amp; d Authority), which is operated by SAG.
 - Saudi Arabia does not operate free trade areas or free ports. However, as part of the Vision 2030 program, Saudi Arabia has established several "economic cities", launching five special economic zones (SEZ), encouraging investment to diversify government income. These economic cities directed by Economics and Economic Agency (ECZA) include King Abdora Economic Cities (KAEC), Jazan Economics, and Medina's Knights Economics Cities near Jida. Economic cities aim to provide companies with various benefits related to logistics and business ease of business. These cities provide a variety of incentives, such as land subsidies, cheap office spaces, and access to logistics infrastructure, such as King Abdora Port, KAEC. At the Zidda Islamic Port, the customization crane and the smart gate have improved customs hours, and in 2023 won the advanced port infrastructure award from the International Green Picking Summit. The Saudi government has provided some incentive programs to promote the employment of Saudi Arabians. The Saudi Human Resources Development Fund (HRDF) provides programs on vocational training, vocational guidance, empowerment, and income support. For example, HRDF pays 30 % of the wages of Saudi Arabians in the first year of employment, and provides 20 % in the second year of employment and 10 % in the third year of employment (with a certain limit and upper limit). "Tamheer" is a field training program, and SAG pays a graduate of Saudi Arabia who has obtained a bachelor's or advanced degrees for 3 to 6 months. 。
 - American companies and other foreign companies can participate in the R & D (R & Amp; D) program, which is operated by the Kingdom R & D and Innovation Bureau (R & Amp; d Authority), which is operated by SAG.
 - Saudi Arabia does not operate free trade areas or free ports. However, as part of the Vision 2030 program, Saudi Arabia has established several "economic cities", launching five special economic zones (SEZ), encouraging investment to diversify government income. These economic cities directed by Economics and Economic Agency (ECZA) include King Abdora Economic Cities (KAEC), Jazan Economics, and Medina's Knights Economics Cities near Jida. Economic cities aim to provide companies with various benefits related to logistics and business ease of business. These cities provide a variety of incentives, such as land subsidies, cheap office spaces, and access to logistics infrastructure, such as King Abdora Port, KAEC. At the Zidda Islamic Port, the customization crane and the smart gate have improved customs hours, and in 2023 won the advanced port infrastructure award from the International Green Picking Summit. The Saudi government has provided several incentive programs to promote the employment of Saudi Arabians. The Saudi Human Resources Development Fund (HRDF) provides programs on vocational training, vocational guidance, empowerment, and income support. For example, HRDF pays 30 % of the wages of Saudi Arabians in the first year of employment, and provides 20 % in the second year of employment and 10 % in the third year of employment (with a certain limit and upper limit). "Tamheer" is a field training program, and SAG pays a graduate of Saudi Arabia who has obtained a bachelor's or advanced degrees for 3 to 6 months. 。
 - American companies and other foreign companies can participate in the R & D (R & Amp; D) program, which is operated by the Kingdom R & D and Innovation Bureau (R & Amp; d Authority), which is operated by SAG.
 Saudi Arabia does not operate free trade areas or free ports. However, as part of the Vision 2030 program, Saudi Arabia has established several "economic cities", launching five special economic zones (SEZ), encouraging investment to diversify government income. These economic cities directed by Economics and Economic Agency (ECZA) include King Abdora Economic Cities (KAEC), Jazan Economics, and Medina's Knights Economics Cities near Jida. Economic cities aim to provide companies with various benefits related to logistics and business ease of business. These cities provide a variety of incentives, such as land subsidies, cheap office spaces, and access to logistics infrastructure, such as King Abdora Port, KAEC. At the Zidda Islamic Port, the customization crane and the smart gate have improved customs hours, and in 2023 won the advanced port infrastructure award from the International Green Picking Summit.
 
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 Saudi Arabia's five special economic zones include Ras Al Khair Special Economic Zone in the Eastern Province, which specializes in maritime industries such as shipbuilding, maintenance, and rig platforms. Jazan Special Economic Zone, located within Jazan City for Primary and Downstream Industries in the southwest of the country, focuses on food processing, metals, and logistics. One-third of KAEC in Jeddah, now the KAEC SEZ, specializes in automotive supply chain and assembly, consumer goods, pharmaceuticals, and medical technology. The Cloud Computing Special Economic Zone has no official location but is supported by an office in the King Abdulaziz City for Science and Technology in Riyadh, which is promoting the establishment of data centers and cloud computing infrastructure. Riyadh Integrated Special Logistics Zone (RISLZ), formerly known as the Integrated Special Logistics Zone, focuses on consumer products, electronics, and pharmaceuticals. Foreign companies operating in SEZs will enjoy a 5% corporate income tax rate (20% in the base economy) for up to 20 years and will be exempt from "Saudization" labor quotas for the first five years of operation. Foreign companies will be permanently exempt from withholding tax when repatriating profits earned in the SEZs, and investors will also be exempt from value-added tax and customs duties. The SAG is also considering establishing special regulated zones in other areas, such as NEOM and the King Abdullah Financial District in Riyadh.
 - The Saudi Arabian Industrial Property Authority (MODON in Arabic) oversees 36 industrial cities, including privately-owned industrial towns and complexes, as well as those under development. MODON offers incentives to commercial investment in these cities, including competitive rents for industrial land, government-backed loans, export guarantees, and certain customs exemptions.
 - The Royal Commission for Jubail and Yanbu (RCJY) established the industrial cities of Jubail, located on the Persian Gulf coast in eastern Saudi Arabia, and Yanbu, located on the Red Sea coast in northwestern Saudi Arabia. The majority of Saudi Arabia's oil refining, petrochemical, and other heavy industries are located in the industrial cities of Jubail and Yanbu. RCJY promotes investment opportunities in these two cities, offering a range of incentives, including tax exemptions, customs duty exemptions, low-cost financing, and land and utility preferential treatment. More recently, RCJY assumed management responsibility for Ras Al Khair Mining and Industrial City and Jazan First and Downstream Industrial City.
 - In 2017, Saudi Aramco began construction of King Salman Energy Park ("SPARK"), a sustainable global energy and industrial hub, in the Eastern Province between Dammam and Al Ahsa. SPARK aims to attract, establish, and encourage local energy industries in oil exploration, production, refining, petrochemicals, conventional power generation, and water production and treatment. Saudi Aramco plans to complete construction of SPARK in 2035, and expects the hub to create approximately 100, 000 jobs and add $6 billion to annual GDP.
 - The government does not impose systematic conditions on foreign investment. To diversify the economy and provide more private sector jobs for Saudis, the SAG has embarked on a broad initiative to source goods and services domestically and is seeking commitments from investors. In December 2018, a royal decree was issued to establish the Local Content and Government Procurement Authority (LCGPA) to develop local content and improve government procurement operations. The LCGPA is required to set local content requirements for individual contracts, track the amount of local content used by contractors, and obtain and audit commitments from contractors to use local content.
 - Government-linked companies are also moving forward with the introduction of local content requirements for foreign-owned companies. For example, Saudi Aramco's "In-Kingdom Total Value Add" (IKTVA) program strongly encourages the purchase of goods and services from the local supplier base. Aramco aims to achieve 63% local content across all procurement in 2023 and 70% local content by 2025.
 The Military Industry General Bureau (GAMI) is functioning as a regulatory and approval institution of the Saudi Arabia Municipal Division Section. GAMI also has the mission to develop the domestic defense industry with the goal of domesticization of 50 % of Saudi military procurement spending by 2030. Another important player in the defense field is the Saudi military industry (SAMI), the PIF's full wholly owned subsidiary. SAMI is aiming to join the top 25 of the world's military industry companies by 2030, and has supported the localization target of the kingdom by establishing a joint venture company that produces defense products.
 
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 The government has a series of encouragement (see the "Labor Policy" section for details of the "Saudi" program and the number of visas of foreign workers that companies can use. I encourage hiring. Saudi Arabia's electronic visitor visa system defaults to all US citizens applicants for five years. "Business visa" is issued on a daily basis to American visitors who do not have an invitation from Saudi companies, but visa applicants must submit evidence that they are engaged in legal commercial activities. Not. "Commercial visa" is issued by an invitation from a Saudi company to applicants who have a specific reason to visit Saudi companies. SAG has recently raised the fees for the employer of the expatriates and the taxation on the dependent expatriates.
 - In 2020, the National Data Governance provisional rules that mainly handle governmen t-related data were issued. However, the national data rules also handle personal data protection, applied to all companies in Saudi Arabia, which handle personal data, and Saudi Arabia, which owns personal data related to individuals living in Saudi Arabia.
 - In 2021, the Saudi Data and the Agency for the Agency for the Agency for the Saudi Personal Data Protection Law (PDPL) announced the draft. The revised PDPL, which supports feedback from a stakeholder, came into effect in September 2023. Companies must comply with the provisions of the law within one year of enforcement.
 - The Saudi Medical Workers Law (2005) stipulates information obtained during medical practice, including personal data. It is unknown whether personal data protection measures for government software applications introduced during the COVID-19 pandemic provide the same level of personal data protection.
 The Saudi Electronic Commercial Transactions Law in 2019, along with the enforcement rules of 2020, all electronic business operators that provide products and services to customers based in Saudi Arabia (domestic and foreign (domestic and foreign) for consumer data protection. ) Applied to). The provisions require not only customer personal information but also transparency and consumer protection, with the aim of regulating the commercial practice of electronic commerce and increasing the trust of cyber security and online transactions. Data retention is also restricted, and service providers are not allowed to retain personal data for more than the period required to complete the data collection. It is also prohibited to share data and customer information with a thir d-party provider without explicit permission. In March 2021, the Zakato Tax Bureau announced a guideline on VAT registration, a store owner engaged in electronic commercial transactions.
 
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 Saudi Arabia announced two important policies for the purpose of promoting data mining, that is, national digital economic policy and data and artificial intelligence national strategies (NSDAI) to achieve ambitious digital transformation goals in 2020. did. Saudi Arabia's Ministry of Communications and Information Technology (MCIT) recognizes the need for new data protection and cyber security legal regulations for the evolving digital economy, and for data logging regulations such as the required cyber security regulation in the 2018 edition. It shows the intention to take a more realistic approach, and we plan to provide incentives for the joint venture of major hig h-tech companies.
 
 Saudi Arabia's Communications / Space / Technical Committee (CST) (formerly the Saudi Arabia Communication Information Technology Committee, CITC) published in 2018 and revised in 2019, the Saudi Arabia Cloud Computing Regulation Framework (CCRF) is Saudi Arabia. Applies to all cloud services provided to cloud customers who have the address of home or office. This framework stipulates the rights and obligations of cloud service providers, customers, companies, and government agencies and includes the principle of data protection. Unless it is clearly permitted by the Saudi Law, the CCRF regulation has surpassed highly confidential business content by cloud service providers and customers, and highly confidential content belonging to government and government agencies. Do not allow data flow.
 
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 Saudi Arabia’s Internet of Things (IoT) regulatory framework regulates the use of all IoT services and includes requirements for data security, privacy, and protection. The IoT regulatory framework prescribes data security measures such as limited retention and data localization for IoT services and networks, which are also regulated by the CST.
 - Saudi Arabia’s Electronic Transactions Law imposes obligations on Internet Service Providers (ISPs) to maintain the confidentiality of business and personal data in electronic transactions.
 - Saudi Arabia’s Anti-Cybercrime Law aims to protect the national economy by deterring cybercrimes such as destruction or alteration of data, unauthorized access to banking and credit information, disruption of computer and information network communications, and other interference with ICT infrastructure. The law also requires the consent of individuals whose personal data or documents are to be disclosed.
 - In 2018, the Saudi Arabian National Cybersecurity Authority (NCA) developed and continues to update the country’s Essential Cyber Control (ECC) regulations, with input from several Saudi Arabian cybersecurity and ICT authorities. The ECC sets minimum cybersecurity requirements for domestic organizations within the scope of its implementation.
 There are no requirements for foreign IT providers to hand over source code or provide access to encryption. There are no requirements for data storage or access to security cameras, other than a 10-year local record-keeping requirement for tax purposes.
 
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 The Saudi legal system protects and facilitates the acquisition and disposal of all property, consistent with Islamic practice, which supports private property rights. Non-Saudi legal entities may purchase real estate in Saudi Arabia in accordance with the Foreign Investment Law. Other foreign-owned legal and individual property is protected by law. Saudi Arabia has a system for recording security interests and plans to modernize its land registry system.
 - The Saudi Internet of Things (IoT) regulatory framework regulates the use of all IoT services and includes data security, privacy, and protection requirements. The IoT regulatory framework prescribes data security measures, such as limited retention and data localization for IoT services and networks, which are also regulated by the CST.
 - Saudi Arabia's Electronic Transactions Law requires Internet Service Providers (ISPs) to maintain the confidentiality of business and personal data in electronic transactions.
 - Saudi Arabia's Anti-Cybercrime Law aims to protect the national economy by curbing cybercrimes such as data destruction or falsification, unauthorized access to banking and credit information, disruption of computer and information network communications, and other interference with ICT infrastructure. The law also requires consent from individuals whose personal data or documents are to be disclosed.
 Elim Poon - Journalist, Creative Writer
 Last modified: 27.08.2024
 
 Bilateral relations between Saudi Arabia and the United States began in when full diplomatic relations were established. [email protected] Mission website. Get to know Saudi Arabia. KSA History · Saudi Vision · Saudi National Day · Saudi Leadership. Multimedia Gallery. Image. The United States Department of State, or simply the State Department, is an executive department of the U.S. federal government responsible for the country's foreign policy and relations.

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2024 Investment Climate Statements: Saudi Arabia

1. Openness To, and Restrictions Upon, Foreign Investment

Policies Towards Foreign Direct Investment

Limits on Foreign Control and Right to Private Ownership and Establishment

Other Investment Policy Reviews

Business Facilitation

Outward Investment

2. Bilateral Investment and Taxation Treaties

3. Legal Regime

Transparency of the Regulatory System

International Regulatory Considerations

Legal System and Judicial Independence

Laws and Regulations on Foreign Direct Investment

Competition and Antitrust Laws

Expropriation and Compensation

Dispute Settlement

ICSID Convention and New York Convention

Investor-State Dispute Settlement

International Commercial Arbitration and Foreign Courts

Bankruptcy Regulations

4. Industrial Policies

Investment Incentives

Foreign Trade Zones/Free Ports/Trade Facilitation

Performance and Data Localization Requirements

Data Treatment

5. Protection of Property Rights

Real Property

Intellectual Property Rights

6. Financial Sector

Capital Markets and Portfolio Investment

Money and Banking System

Foreign Exchange and Remittances

Foreign Exchange

Remittance Policies

Sovereign Wealth Funds

7. State-Owned Enterprises

Privatization Program

8. Responsible Business Conduct

Additional Resources

Climate Issues

9. Corruption

Resources to Report Corruption

10. Political and Security Environment

11. Labor Policies and Practices

12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs

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