Saudi Arabia is granting business visas to foreign investors within 24 hours under new measures introduced this year.
Arab News cited foreign ministry official Usama Nugali as confirming the new electronic application system, which came into effect on January 1.
A similar process for visit visas of commercial firms working in the kingdom will reportedly also be applied in the next few days.
The move comes as Saudi Arabia seeks to boost the investment environment and increase private sector participation.
As an additional step, the Saudi Arabian General Investment Authority (SAGIA) is processing the requests of foreign business delegations within two-days rather than the previous 30.
SAGIA is also opening contact with individuals issued visas to encourage investment in the kingdom.
In October last year, Saudi Arabia introduced visa fee increases under efforts to boost non-oil revenues.
Visitors to the kingdom on religious holidays and business travel will have to pay SAR2,000 ($533) for a single-entry visa.
A multiple-entry visa now costs SAR3,000 ($799) Saudi riyals for six months, SAR5,000 ($1,333) for a year and SAR8,000 ($2,132) for two years.