SAGIA extends foreign investment permits to 5 years

The Saudi Arabian General Investment Authority’s (SAGIA) has extended the permit period granted to foreign investors to five years, with an option to reduce to a minimum of one year, the Saudi Press Agency (SPA) reported, citing Ibrahim Al Suwayel, deputy governor for Investors’ Services and Consultancy.

The permit can also be renewed.

These measures aim to promote the competitiveness of the investment environment and attract international companies to inject more investments in the Kingdom, Suwayel said.

SAGIA recently took other measures to simplify its registration procedures, such as speeding up the process of issuing new investment licenses to four hours instead of two days, he added.