The Minister of Investment – Khaled Al-Falih warned of a decrease in foreign direct investment flows, given its negative impact on facing the challenges of the repercussions of the Corona virus. He said that foreign direct investment is an engine for global growth, innovation, empowerment and jobs.
During the virtual global digital summit, organized by the Financial Times Network in cooperation with the Ministry of Investment and the Saudi Secretariat of the G20 – yesterday, he stressed the commitment made by the G20 ministers to work together to boost trade and investment. He added: That would reduce foreign direct investment flows; Significant impact on the ability of markets to alleviate the economic and social challenges posed by the pandemic, especially in developing countries. The four-day series of summit meetings (21-22-28-29) October 2020 will discuss global efforts and solutions for the post-pandemic recovery phase, with the participation of trade and investment officials from governments, business leaders and the private sector in the world.
For its part, the Ministry of Investment confirmed that foreign partners receive all the benefits, incentives and guarantees enjoyed by the national project according to the regulations and instructions, and facilitate the procedures related to the entry of non-Saudi employees and their families, and re-transfer the foreign investor’s share from the sale of his share or the liquidation surplus or the profits achieved by the establishment abroad or Dispose of them in any other legitimate means, and he is also entitled to transfer the necessary sums to fulfill any contractual obligations related to the company’s projects.
The licensed foreign partners may also own the necessary real estate within the limits of the need to practice the activity or for the purpose of housing workers or some of them in accordance with the provisions of non-Saudis owning the property with free transfer of shares between the partners and others after obtaining the necessary approvals. The Ministry of Investment issued 506 investment licenses during the first half, according to the Investment Update Report for the second quarter. The report indicated that the month of June acquired half of the licenses issued during the second quarter.