RIYADH: Minister of Commerce and Investment Majid Al-Qassabi on Saturday said that the Kingdom is marching in a steady line in trade and investments which has resulted in a total of 7,827 foreign projects in the country.
Al-Qassabi made the statement to mark Saudi Arabia’s 87th National Day which was being celebrated by citizens and residents in all parts of the Kingdom.
The minister pointed out that the capital of licensed investment projects registered during the first half of 2017 increased by 130 percent, while 158 projects were licensed with a capital of SR3.258 billion ($868.7 million), compared to 127 projects with a capital of SR 1.392 billion during the first half of 2016.
“Work is underway to facilitate all procedures, and review legislation to stimulate the investment environment,” he added.
Congratulating King Salman and Crown Prince Mohammed bin Salman on the country’s National Day, Al-Qassabi said the precious anniversary will mark the beginning of the acceleration of bettering the legislative environment, business performance, system development, enhance technical and procedural integration, and support the investment environment.
“The system of bankruptcy, the commercial mortgage system, franchise system and e-commerce system have been already completed,” he noted.
The minister said his ministry set up a business improvement committee to launch the initiative for business practices, “Meras,” to improve the investment environment in the Kingdom
The “Meras” initiative aims to increase the contribution of the private sector to the Kingdom’s GDP, also to boost the national economy, for the realization of the Kingdom’s Vision 2030.
The main components of this initiative include “Meras” comprehensive service centers, “Meras” e-platform, consolidated access to business services, the interactive business startup guide, providing basic services from the private sector such as opening a bank account for the enterprise.
The ministry has also launched a business licensing guide for business activities, which, in its first phase, comprises 274 services provided by 26 government agencies.
As part of the integration with government agencies to improve business, he said that regulations were approved allowing foreign investors to obtain business visit visas within 24 hours and visit Saudi Arabia. It is also possible to issue immediate licenses for more than 200 activities from the Ministry of Municipal and Rural Affairs, which controls and opens the field of foreign investment to full ownership in the education and health sectors, he concluded.
Commerce minister: Saudi Arabia is on track in trade and investments
Commerce minister: Saudi Arabia is on track in trade and investments
Saudi foreign ministry welcomes second phase of Gaza peace plan, formation of transitional committee
Saudi foreign ministry welcomes second phase of Gaza peace plan, formation of transitional committee
- Ministry also thanked US President Donald Trump for his leadership and efforts to end the war in Gaza
RIYADH: The Saudi Ministry of Foreign Affairs on Friday welcomed the announcement of the second phase of a comprehensive peace plan for Gaza, the Saudi Press Agency reported.
The ministry said it also welcomed the formation of the Palestinian National Committee for the Administration of the Gaza Strip as a temporary transitional body, established under UN Security Council Resolution 2803, which met in Cairo on Friday.
In a statement, the ministry also thanked US President Donald Trump, who declared the formation of the Gaza “board of peace,” for his leadership and efforts to end the war in Gaza.
It highlighted his commitment to the withdrawal of Israeli forces, the prevention of any annexation of parts of the West Bank, and efforts to advance sustainable peace in the region.
The ministry commended the role of mediators Qatar, Egypt and Turkiye, stressing the importance of international and regional cooperation in supporting the peace process.
It underlined the need to support the work of the temporary Palestinian National Committee in managing the daily affairs of Gaza’s residents, while preserving the institutional and geographical link between the West Bank and the Gaza Strip, ensuring Gaza’s unity and rejecting any attempts to divide it.
The statement also called for consolidating the ceasefire, halting violations, ensuring the unhindered delivery of humanitarian aid, and accelerating early recovery and reconstruction efforts across Gaza.
It said these steps were essential to enabling the Palestinian National Authority to resume its responsibilities in the Gaza Strip, leading to an end to the Israeli occupation of Palestinian territory in Gaza and the West Bank and the establishment of an independent Palestinian state in line with UN resolutions, the Arab Peace Initiative and the two-state solution.
