Al-Failh approves executive regulations of Investment Law in Saudi Arabia
Saudi Gazette report
RIYADH — Saudi Minister of Investment Khalid Al-Falih has issued a decision approving the executive regulations of the Investment Law, which aim to implement the provisions of the Investment Law and achieve the goals and objectives stipulated therein, the Umm Al-Qura newspaper reported.
The regulation, which includes 37 articles, stipulates that "the foreign investor has the right to express his opinion, and the Ministry shall provide him with the opportunity to submit information and documents relevant to the procedures in question."
The Ministry shall hold discussions with the foreign investor to evaluate alternative measures to hedge against the risks of foreign investment on national security if it finds, in its assessment, that such measures are sufficient to mitigate the risks threatening national security. The Ministry may also suspend the procedures before a decision is issued if an agreement is reached with the investor that is sufficient to mitigate the risks of national security. As stated in the regulation.
The regulation emphasized that several factors must be considered, including whether the treatment discriminates between investors or investments based on legitimate public policy objectives, or whether the goods or services produced or consumed by the investor are part of its production inputs, in addition to the sector concerned with the investment and the size of the targeted investment, as well as the impact of the investment on the local economy or environment.
It pointed out the freedom to transfer funds without prejudice to any applicable rules, regulations and instructions. The investor has the right to freely transfer funds related to his investments to and from Saudi Arabia without delay. This includes the initial capital and additional amounts for maintaining or increasing the size of investments, all profits, capital gains, distributed dividends, royalties, fees and other current income and revenues, and amounts paid under a contract, including loan installments related to investments.
Transfers include revenues generated from the liquidation or sale of all or part of an investment, and the earnings and salaries of contracted workers abroad who carry out activities related to investments, as stipulated in the regulations.
The regulations permit delaying or refraining from transferring funds in accordance with fair and non-discriminatory legislation in force and in good faith, relating to the following: cases of bankruptcy, insolvency, or protection of creditors' rights; issuing, trading, or dealing in securities; criminal offenses or penalties; and compliance with orders or rulings issued in lawsuits.
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