Saudi cabinet approves framework to boost foreign direct investment

RIYADH, Nov 06 (Arab News): The Saudi Cabinet has initially approved the national general framework and guiding principles for foreign direct investment, setting the stage for enhanced economic engagement with international organizations.

The session, chaired by Crown Prince Mohammed bin Salman, addressed significant developments on both domestic and international fronts, according to the Saudi Press Agency.

The Kingdom's foreign direct investment inflows reached SR96 billion ($25.6 billion) in 2023, marking a 50 per cent annual increase from the previous year. The crown prince briefed the Cabinet on his recent discussions with leaders from several allied countries.

The Minister of Media, Salman Al-Dossary, highlighted that among these decisions the Cabinet authorised Saudi Arabia's accession to the Cement and Concrete Breakthrough Initiative, launched on the sidelines of the UN Climate Change Conference.

This aligns with the Kingdom's sustainability goals and commitment to the global climate agenda. The Cabinet also approved an agreement with Qatar to avoid double taxation and prevent tax evasion.

This move underscores the Kingdom's dedication to fostering economic cooperation within the Gulf region, facilitating smoother cross-border investments, and enhancing transparency in financial dealings.

In line with advancing Saudi Arabia's capabilities in science and technology, the Cabinet also endorsed a framework agreement with the US to cooperate in civil aviation navigation and the peaceful exploration of outer space.