Saudi Arabia has announced easing of foreign manpower recruitment procedures as part of several key initiatives to make the kingdom investor-friendly.
Saudi Crown Prince Abdullah headed Supreme Economic Council, in charge of economic reforms, approved the implementation of 17 agreements between the Saudi Arabian General Investment Authority [SAGIA] and relevant government departments to make Saudi Arabia more investment-friendly.
SAGIA chief Amr Al-Dabbagh said the agreements allow offering special incentives for projects that contribute to the GDP by easing process of bringing in expatriate workers they need.
They also encourage the private sector to set up specialised universities and colleges in conjunction with renowned world universities, foster industrial projects by givingexemptions on customs tariffs and granting facilities such as entry visas to foreign investors.
The agreements also feature streamlining judicial procedures to resolve trade disputes, strengthening guarantees for investors, promoting women's input in investment and speeding up the process of collecting imports from entry ports, he was quoted as saying in daily Arab News.
Othermeasures include offering special incentives to locals and foreigners who invest in less developed areas of the vast Kingdom and drafting plans to raise the operational capacity of Saudi ports.
Agreementsinclude reducing the time for getting investment permission and trade registration in order to begin foreign projects and incentives to attract projects that will employ large numbers of Saudis.