Saudi seeks investments with new initiatives

The country is seeking to increase transparency and simplify licensing for businesses



Saudi Arabia’s minister of commerce and investment, Majid Al-Qassabi, has announced a series of initiatives designed to boost investment.

The plans, which are part of the National Transformation Plan 2020, focus on the development of trade regulations and other areas, according to Arab News

Among them will be trade and investment regulations and consumer protection rules.

The minister said the country would also seek to eliminate “commercial concealment” – a reference to some of the less transparent practices in the Saudi business environment.

Other plans include consolidated service centres for local and foreign investors to simplify licensing and other areas.

The government will also help investors find financing through the public, private and banking sector.

Awareness campaigns are planned to inform consumers of their rights and SME initiatives are being launched for training, consultation and other services.

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