Saudi Arabia: Allows 100% Foreign Ownership in Most Business Sectors

The Saudi Vice Minister of Commerce and CEO of the National Competitiveness Centre (NCC) noted that the Kingdom allows 100% foreign ownership in most business sectors, a significant factor in attracting international investment.

This was highlighted during the Saudi-Korean Business Forum, where the Commerce Minister has emphasised that Saudi Arabia’s Vision 2030 has led to substantial economic diversification, fostering sustainable and inclusive growth, and encouraging innovation across various business sectors.

The forum, attended by the Saudi Ambassador to Korea and approximately 400 representatives from both public and private sectors, has highlighted the strategic trade relations between Saudi Arabia and Korea.

The Commerce Minister highlighted the collaborative efforts to boost economic prosperity, noting that trade volume between the two nations reached $35 billion from 2019 to 2023. Additionally, 174 commercial records were issued to Korean companies up to last April.

The Korean Minister of Trade emphasised the expanding Saudi-Korean economic and trade partnership across vital sectors such as automotive and shipbuilding, as well as emerging areas like AI, data centres, and smart cities.

He also noted the growth in trade services and stressed that the Korea-GCC Free Trade Agreement would elevate economic cooperation to a new level.

The NCC CEO outlined significant reforms aimed at boosting the Kingdom’s competitiveness.

She has highlighted the positive transformations in the Saudi economy and business environment.

Notably, 820 economic reforms have been implemented by 60 government agencies since 2016 in nine key areas, with 1,200 laws and regulations issued and updated to strengthen the legal framework.

The NCC CEO has also emphasised the digitisation of government services, which has reached 97%, and the activation of virtual commercial court sessions at a 99% rate, significantly improving litigation efficiency.

She has also mentioned that the establishment of the Saudi Business Centre has streamlined business licensing requirements by 55%.

The forum, organised by the NCC, the Federation of Saudi Chambers of Commerce, and the Korean Chamber of Commerce and Industry, aimed to expand economic partnership opportunities between the two nations.

It included two dialogue sessions: “Innovation and Technology,” featuring representatives from the Ministry of Investment, Monshaat, SDAIA, and Korean companies Naver and Rebellions, which discussed the role of government initiatives in promoting innovation and technology adoption.

The second session, “Advanced Manufacturing and Infrastructure,” was attended by representatives from various ministries and institutes, and tackled key developing sectors in advanced manufacturing and the challenges and opportunities posed by digital transformation in infrastructure development.

Nine agreements were signed by companies from both sides, marking a successful conclusion to the forum.

The event was held on the second day of the Saudi delegation’s visit to Korea from 29 July 2024 to 31 July 2024.

It was preceded by meetings between the Commerce Minister and Korea’s Minister of Trade, Industry and Energy, and Minister of Trade, where discussions focused on strengthening trade relations and cooperation in global trade issues, particularly in removing trade barriers and increasing exports.

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Saudi Arabia: Oversight And Anti-Corruption Authority Law Approved

Al-Eqt, 23 July 2024: The Council of Ministers has approved the Oversight and Anti-Corruption Authority Law.

The Authority’s Chairman has stated that the law will contribute to strengthening the role of the Authority in exercising its powers with regard to combating financial and administrative corruption in all its forms and manifestations.

The law will contribute to strengthening the role of the Authority in combating financial and administrative corruption.

It aims to preserve public funds and protect the nation’s capabilities.

Additionally, it ensures that perpetrators of corruption crimes are prosecuted and held accountable as per legal and regulatory requirements.

The law also facilitates the recovery of funds and proceeds resulting from these crimes to the state’s public treasury.

The law affirms the complete independence of the authority and empowers it by granting the necessary powers to exercise its duties, perform its tasks, and consolidate its role with complete impartiality.

He has stated that the system identifies the types of corruption crimes the Authority is responsible for.

These include bribery, assault on public funds, abuse of power, and any other crime classified as a corruption crime under statutory provisions.

The law also outlines the authority’s powers in administrative oversight, investigation and administrative prosecution, safeguarding integrity, promoting transparency, and international cooperation with regional and international bodies and organisations within the authority’s remit.

It covers investigating aspects of financial and administrative corruption, as well as criminal investigation and prosecution.

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