The following terms and expressions, whenever provided herein these Regulations, shall have the meanings ascribed therefor.
- Minister: The Minister of Investment
- Ministry: The Ministry of Investment
- Regulations: The Regulations of the Ministry
The Ministry shall have the jurisdiction and be deemed as the primary reference point in the Kingdom in respect of any regulation, development, improvement and promotion of (domestic and foreign) investment and protection of investors as well. Without prejudice to the competencies and responsibilities of the other authorities, the Ministry may, in order to meet its objectives:
- Prepare and present the national strategy of investment in the Kingdom to complete the necessary actions.
- Prepare the general policies, foster and enhance the optimal investment environment, submit for approval and follow up on the enforcement of the same policies according to the legal applicable procedures, in order to develop and upgrade the investment.
- Propose and present drafts laws relating to investment, review and recommend the amendment of the existing laws to finalize the necessary legal procedures.
- Issue and regulate the investment licenses according to the relevant legal provisions, provide the services of the Ministry to the investors, regulate all necessary actions and determine the fees thereof in agreement with the Ministry of Finance and Non-Oil Revenues Development Center.
- Determine the indicators, and mechanism of measurement for the investment performance in the Kingdom in coordination with the relevant authorities and refer the same to the Council of Economic and Development Affairs for approval. The Ministry further follow up the application and assess the same upon approval.
- Develop and present the implementation plans and rules for the preparation, development and enhancement of the competitiveness of the investment environment in the Kingdom and refer any required procedures for completion.
- Attract the investments through organizing, convening, and participating in conferences, seminars, local and foreign exhibitions, events, etc. and announce investment-stimulating initiatives.
- Create investment database and indicators in the Kingdom to be the only unified platform and primary reference point for the relevant information of Ministry’s functions and coordinate with the relevant authorities to provide the Ministry with the relevant information, data and reports according to the National Data Governance Policies and Regulations issued by the Saudi Authority for Data and Artificial Intelligence.
- Support and overcome the challenges encountering the Saudi investment abroad in coordination with the relevant authorities inside and outside the Kingdom.
- Enhance, raise, handle challenges and obstacles and propose the stimulants of the investment’s sustainability.
- Coordinate with the relevant governmental agencies, in order to enable the Ministry to perform its functions.
- Represent or participate in the representation of Kingdom before the national and international organizations, entities, forums and conferences related to the Ministry’s functions.
- Conduct studies and researches related to its functions and cooperate with research centers and consultant firms on the domestic and international levels in this regard.
- Conclude agreements relevant to the business of the Ministry with the competent authorities in other countries and international organizations according to the applicable legal procedures.
- Act on behalf of the Government in the negotiation with the strategic investors, design the investment stimulants and refer the same to complete the necessary procedures.
Any other function to be assigned to the Ministry by law.
The Minister shall be responsible for the management of Ministry’s affairs and making any necessary decisions and actions to meet the objectives assigned to the Ministry according to the Regulations provisions. Particularly, the Minster may:
- Decide to amend the financial Regulations adopted by the Ministry in mutual agreement with the Ministry of Finance.
- Decide to amend the administrative regulations – regulating the affairs of Ministry’s employees – in agreement with the Ministry of Human Resources and Social Development and the Ministry of Finance in connection with the provisions of financial impact included therein.
- Approve the internal regulations adopted by the Ministry, without prejudice to the relevant legal provisions.
- Propose and refer the draft organizational structure to the Ministry to finalize the legal necessary procedures in this regard.
- Decide on the applications of issuance and cancellation of the investment licenses according to the relevant legal provisions.
- Propose, submit and refer a list of activities excluded from the foreign investment in order to finalize the legal procedures.
- Approve the establishment of branches for the Ministry in the Kingdom and offices abroad according to the legal procedures.
- Recruit the experts and consultants to work as full-timer or part-timer to complete certain works and services, to provide consultancies, research and studies according to the relevant provisions.
- Accept the gifts, donations, grants, wills and endowments according to applicable regulatory provisions.
- Represent the Ministry or assign a representative, on its behalf, before the courts, governmental agencies, establishments and relevant entities inside and outside the Kingdom.
- Appoint and supervise the Ministry’s employees according to the Regulations of the Ministry and further monitor the development of the Human Resources in the Ministry.
- Supervise the organization, establishment of and participation in the conferences, seminars, local and foreign exhibitions and events related to the investment and assign a third party as he may deem fit according to the applicable legal procedures to perform all necessary actions.
- Approve the budget draft, closing account and annual report of the Ministry in preparation for referral according to the applicable legal procedures.
The Minister may authorize some of the assigned powers to any of Ministry’s employees.
These Regulations shall supersede the Regulations of the General Investment Authority issued by the Council of Ministers’ Resolution No. (2), dated 05/01/1421 AH (10.04.2000 AD) and its amendments.
These Regulations shall be published in the official Gazzette and shall become effective as of the date of publication thereof.