Saudi Arabia Orders Investors to Maintain Environmental Standards, Develop Local Infrastructure

Saudi Arabia Orders Investors to Maintain Environmental Standards, Develop Local Infrastructure

Saudi Arabia has asked investors to maintain environmental and social standards and contribute to social responsibility.

Following the new investment law, Riyadh asserted that new investors must work from their headquarters inside the Kingdom, provided that the Ministry of Investment facilitates the required procedures.

Asharq Al-Awsat learned that the Federation of Saudi Chambers had directed all the industrial and commercial chambers in the Kingdom to submit their observations and suggestions through the National Competitiveness Center (NCC) platform.

According to the new law, a copy of which was reviewed by Asharq Al-Awsat, the investor must abide by all laws and regulations in force in the Kingdom.

They must also maintain independent accounting records for the facility and provide any information requested by the ministry and relevant authorities to enable them to exercise their statutory powers.

The new investment must meet corporate governance national standards according to the related sector and pay all taxes and fees within the specified time under the laws and regulations in force in the Kingdom.

The new law will assign a ministerial committee to determine the approved activities in line with national security and vital economic interests and preserve public order.

An investor, who is a party to any dispute, including that which arises