London: The time taken to process business licenses in Saudi Arabia has been slashed by more than 92 percent in a bid to encourage further investment in the Kingdom.
Saudi Arabian General Investment Authority (SAGIA) has cut the processing time from about 53 hours to four hours, according to a statement by the agency in January.
Companies and businesses previously had to submit eight documents to the investment authority for licenses to be issued, but now need to present only financial statements and certified commercial registration.
Renewal of investment licenses can be done online through a self-service portal on the SAGIA website.
According to PwC, SAGIA will license projects under the new Foreign Investment Act, which allows for 100 percent foreign ownership in some sectors. In addition, foreign investors can open sales, marketing and administration offices to complement industrial or non-industrial projects.
SAGIA has a broad mandate on all matters relating to foreign investments in industry, services, agriculture, and contracting.
The Saudi Companies Law, which came into effect in 2016, is the principal legis-lation that governs the conduct of companies in the Kingdom.
PwC said SAGIA offers a number of incentives to attract investors, including 100 percent foreign ownership of property and companies in certain industries; lower minimum capital requirements and no restriction on repatriation of capital; the ability for foreign investors to sponsor foreign employees; and tax incentives if the company is registered in certain economic cities in less-developed provinces.
There are virtually no currency exchange restrictions in KSA. Payments abroad may be made freely, and there are no taxes or subsidies on purchases or sales of foreign currency, said PwC.
How to start a business in Saudi Arabia
How to start a business in Saudi Arabia
- SAGIA has a broad mandate on all matters relating to foreign investments in industry, services, agriculture, and contracting.
- According to PwC, SAGIA will license projects under the new Foreign Investment Act, which allows for 100 percent foreign ownership in some sectors.
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
