Business & Money | Sunday 4 January, 2015 10:04 am |

The Saudi Arabian General Investment Authority, or SAGIA, has reiterated that foreign investment regulations in the Kingdom provide investors with a safe environment by ensuring all the rights of investment firms or those who wish to invest in the Kingdom.
It said that all decisions related to investors are considered and approved by SAGIA after ensuring their compatibility with the Kingdom’s investment regulations and other regulations in the country, in addition to their compatibility with international conventions of which the Kingdom is a part.

Director General of media and communications at SAGIA Nasser Al-Towayan said: “The regulations and procedures have been reviewed carefully and met the approval of SAGIA’s board of directors prior to being posted on the official website of SAGIA or published in local newspapers to enhance the level of transparency of the regulations.” He added that this helps investors learn about their rights and obligations.

“A number of international organizations and their reports including the most recent report issued by the World Trade Organization in November have commended the commitment shown by the Kingdom to all the international agreements to which it is a party, and the efforts made by the Kingdom in facilitating trade and investment,” Al-Towayan said.
He downplayed some media reports which he said were designed to confuse the situation and distort the facts regarding the stumbling of the mega projects in the Kingdom without addressing the deficiencies. Al-Towayan drew attention to the violations being committed by some contractors which were leading to the delay in the completion of the projects despite the extension of deadlines granted to the violators.

He said that SAGIA has been established to assist foreign investments and welcomes all foreign investors to the Kingdom. He further said that SAGIA has put in place an integrated program to assist projects which need to improve their performance.
SAGIA has the administrative and technical flexibility required to implement and promote the program. It has also informed investors that it is aware of their weaknesses, and that they should rectify them or propose alternative development plans, the Saudi Press Agency quoted the director general as saying.
He stressed that this was the only way to make the Kingdom a level playing ground for competition for all investors alike and serve the country’s economic interests.