Saudis Aim to Slash Red Tape as Race for Foreign Cash Heats Up
- Kingdom reforms investment law to ease bureaucratic hurdles
- More details on implementation of law expected this month
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Saudi Arabia is looking to cut red tape and make it easier for foreign investors to pump cash into the kingdom, its latest effort to establish itself as the Middle East’s premier investment hub amid stiff competition.
The country plans to introduce a new “one-time registration process” for investors under updated investment rules, eliminating the need for several licenses and pre-approvals and “significantly reducing paperwork and bureaucratic hurdles,” the Ministry of Investment said in a statement sent to Bloomberg News.