Saudi Arabian General Investment Authority (SAGIA) Governor Ibrahim bin Abdul Rahman Al-Omar said that Saudi Crown Prince Mohammed bin Salman’s visit to Britain was exceptional in regards to investment and trade fields.
“We were there two days ago, the visit will continue until (Friday), and we have so far met with over 160 companies,” Omar told Asharq Al-Awsat on the sidelines a forum.
On the sidelines of the historic visit to the United Kingdom by Crown Prince Mohammed, Deputy Prime Minister and Minister of Defense, a special forum was held on Thursday with multiple sessions hosting different government and business leaders of Saudi Arabia and Britain.
“We also had over 14 workshops,” Omar said.
He stated that UK interest in the private sector exceeded expectations. He pointed out that UK-Saudi cooperation extends to various sectors, notably health, education and technology.
He revealed that the Kingdom has amended investment laws concerning transparency and restructuring, providing an environment in which investors feel safe.
Legal amendments included 297 laws, of which 45 percent had been completed. Saudi Arabia has also developed new laws.
In addition to the launch of a commercial arbitration center, the amendments also included a new bankruptcy law.
Omar added that the Kingdom has also improved customs processing.
According to reports, cargo vessels are now being cleared in less than 24 hours, compared to a previous 15-day period. With regard to business and investment visas, they are now being made available within a single working day.
