2000 Public Statement
 

04/11/2000
Royal Decree establishing the Saudi Arabian General Investment Authority
The following regulations were published on April 11, 2000, establishing a general commission for investment.
Regulations of Saudi Arabian General Investment Authority
as published on April 11, 2000
 

(1)   The general commission for investment shall be in charge of investment
        in the Kingdom of Saudi Arabia, including foreign investment.

(2)   It shall be based in Riyadh.

(3)   It shall be assigned:

(4)   It shall also:


(5)   The Board of Directors of the commission, which enjoys an artificial personality, shall
        consist of the Chairman, who is Governor of the organization; and members, who
        are representatives from the Ministries of the Interior, Foreign Affairs,
        Commerce, Agriculture and Water, Petroleum and Mineral Resources, Industry and
        Electricity, Finance and National Economy, Planning, and Labor and Social
        Affairs, and from the Saudi Arabian Monetary Agency (SAMA), plus two members to
        represent the private sector, who will be appointed by the Chairman of SEC upon
        recommendation from the Governor of the commission.

(6)   Members of the Board of Directors will serve for three years.

(7)   The Board of Directors will be assigned to supervise the organization's affairs
       and take all necessary decisions to realize its purposes within its system,
       particularly:


(8)   Committees will be formed in accordance with the consideration by the Board,
       of reports submitted to it by the Governor.

(9)   These committees will propose amendments to these regulations and
       other investment-related systems; authorize their representatives to reach
       agreements and conclude contracts within the bases suggested by the
       Board of Directors; approve the work and operational plans of the commission;
       and accept donations, gifts, grants and aid in its name.

(10) The Board of Directors shall issue its decisions upon the majority
       of those attending.

(11) The Governor, who is the executive manager of the organization, shall be
       appointed at the rank of Minister by Royal Decree upon a recommendation
       from the Chairman of SEC.

(12) A comprehensive service center will be annexed to the organization to extend
        investment-related information to investment seekers from inside and outside the Kingdom.

(13) The commission will enjoy an independent budget.

(14) These regulations will be valid within thirty (30) days from the day of
       publication in the official gazette, whereby it nullifies all laws considered
       contradictory to it.

 

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