Head of the Saudi Arabian General Investment Authority (SAGIA) Prince Abdullah bin Faisal bin Turki has approved the executive by-laws for foreign investment in the Kingdom of Saudi Arabia. The by-laws include 23 articles dealing with areas for investment; conditions, terms and procedures for licensing; and violations.
Foreign investors can now own property in Saudi Arabia, sponsor their own employees and enjoy 100 percent ownership of the projects they set up in the Kingdom. In addition, existing projects may be expanded with fresh capital. Meanwhile corporate tax has been reduced from 45 to 30 percent, with tax holidays in place.
All areas are open to foreign investment, except for those listed by the Supreme Economic Council (SEC) on February 11, 2001.