Shura Council amends Article 24 of PIF regulations, Article 12 of foreign investment law

The Shura Council approved today, Sept. 14, the amendment to Article 24 of the Public Investment Fund (PIF) regulations issued by Royal Decree no. (M/92).

Moreover, the Council ratified the amendment of paragraph (2) of Article (12) of the foreign investment law issued by Royal Decree no. (M/1).

According to data compiled by Argaam, Article 24 of PIF regulations stipulates that its board of directors must submit a detailed report on the fund’s operations and activities to the Council of Economic and Development Affairs (CEDA) within 150 days of the end of PIF’s fiscal year, provided that the report includes the following information as follows:

1) Final annual account for the fiscal year ended.

2) A statement of the fund’s assets and investments and their performance in detail during the fiscal year ended.

3) Audited financial statements of the fund.

4) A statement of all the board members’ remuneration.

5) Any other information requested by CEDA.

Meanwhile, paragraph (2) of Article (12) of the foreign investment law stipulates that without prejudice to any more severe penalty, the foreign investor will be punished when the violation remains with any of the following penalties:

1) Withholding all or some of the incentives and benefits set for the foreign investor.

2) Imposing a fine not exceeding SAR 500,000.

3) Cancelling the foreign investment license.