Saudi Arabia has successfully executed 160 initiatives aimed at streamlining the investor journey, according to an announcement on Monday.
This included the review of more than 150 regulations and over 600 updates to terms and requirements to facilitate the start and conduct of economic businesses in the Kingdom. These initiatives were strategically integrated with the National Competitiveness Center and relevant government agencies.
The Minister of Commerce and Chairman of the Center’s Board of Directors, Dr. Majid bin Abdullah Al-Qasabi, stated that the Center’s efforts have contributed to the development of legislative, procedural, and technical initiatives across 17 economic sectors, in collaboration with 112 government agencies concerned with the business sector. Work teams, which included more than 280 government representatives, were formed to achieve this. The business sector also gathered their views and opinions while improving the investor journey and re-engineering associated procedures.
To communicate the impact of these reforms on facilitating business initiation and operation, enhancing performance efficiency, and refining regulatory frameworks, the Saudi Economic Business Center has initiated a campaign to raise awareness within the business sector.
