Riyadh, February 05, 2024, The Saudi Center for Economic Business has announced the successful implementation of 160 initiatives designed to enhance the investor journey, marking a significant milestone in streamlining business operations in the Kingdom. These initiatives encompassed a comprehensive review of more than 150 regulations and the implementation of over 600 updates to terms and requirements, all aimed at facilitating the establishment and operation of economic enterprises in Saudi Arabia. Crucially, these efforts were conducted in close collaboration with the National Competitiveness Center and other pertinent government entities.
Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the Center's Board of Directors, underscored the pivotal support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, in realizing these achievements. Dr. Al-Qasabi emphasized that the Center's endeavors have led to the development of legislative, procedural, and technical initiatives spanning 17 economic sectors, in partnership with 112 government agencies dedicated to the business sector. This collaborative effort involved the formation of work teams comprising over 280 government representatives, who worked diligently to achieve these milestones. Additionally, the input of the business sector was actively sought to gather their insights and perspectives during the process of enhancing the investor journey and restructuring associated procedures.
In an effort to raise awareness within the business community regarding the transformative impact of these reforms on easing the commencement and operation of economic activities, enhancing operational efficiency, and refining regulatory frameworks, the Saudi Economic Business Center has launched a comprehensive campaign to discuss the implemented reforms.
It is essential to recognize that the establishment of the center by a decision of the Cabinet reflects the Kingdom's commitment to positioning itself as a global leader in the provision of high-quality, efficient government services tailored to the needs of the business sector. Functionally linked to the Council of Economic and Development Affairs, the center plays a pivotal role in driving forward the Kingdom's economic development agenda.
