The Council of Ministers,
after perusal of the Royal Court File 79088 dated 3 Dhu Al-Qa’dah 1445 [11 May 2024], which includes Minister of Investment Telegram 392 dated 17 Muharram 1444 [15 August 2022], regarding the draft Investment Law,
after perusal of the aforementioned draft law,
after perusal of the Foreign Investment Law, issued by Royal Decree D/1 dated 5 Muharram 1421 [10 April 2000],
after perusal of the System of the Saudi Center for Economic Affairs issued by Council of Ministers Decision 456 dated 11 Sha’ban 1440 [17 April 2019],
after perusal of Council of Ministers Decision 83 dated 30 Muharram 1443 [7 September 2021],
after perusal of the National Investment Strategy approved by Council of Ministers Decision 134 dated 28 Safar 1443 [6 October 2021],
after perusal of Bureau of Experts at the Council of Ministers Minutes 202 dated 26 Jumada Al-Thani 1444 [19 January 2023] and Memorandums 3676 dated 26 Dhu Al-Qa’dah 1444 [15 June 2023], 1622 dated 8 Jumada Al-Awwal 1445 [21 November 2023], 2113 dated 12 Jumada Al-Thani 1445 [25 December 2023], and 3229 dated 7 Ramadan 1445 [17 March 2024],
after perusal of the Council of Economic and Development Affairs Recommendation 2-8/45/R dated 15 Jumada Al-Thani 1445 [28 December 2023],
after considering Shura Council Decision 287/27 dated 27 Shawwal 1445 [6 May 2024],
and after perusal of the General Committee of the Council of Ministers Recommendation 12210 dated 24 Dhu Al-Qa’dah 1445 [1 June 2024],
hereby decides
First
The Investment Law is hereby approved in the form attached.
Second
The law—referred to in Clause First of this decision—does not prejudice any rights acquired by any investor prior to its entry into force, including any licenses or incentives granted to him, until the expiry of the terms of those rights.
Third
As an exception to the provisions of article 1 of the Law—referred to in Clause First of this decision—the competent entity stipulated in article 8 means the Permanent Ministerial Committee for the Examination of Foreign Investment formed in Clause First of Council of Ministers Decision 83 dated 30 Muharram 1443 [8 September 2021].
Fourth
The Ministry of Investment shall prepare the regulations stipulated in article 15 of the law—referred to in Clause First of this decision—after coordination with the relevant entities. The Ministry of Energy shall participate in preparing the provisions related to article 6 and article 17(3) and (4) of the law.
A draft royal decree has been prepared in the form attached.
Fifth
The Ministry of Investment shall exercise its competences stipulated in paragraph 4 of article 7 of the Law—referred to in clause First of this decision—in a manner that does not conflict with article 4 of the System of the Saudi Center for Economic Business, issued by Council of Ministers Decision 456 dated 11 Sha’ban 1440 [17 April 2019]. The Ministry shall agree with the Center regarding the establishment or operation of spatial centers to serve the business sector in a manner consistent with the gracious directive communicated in Royal Court File 35629 dated 19 Jumada Al-Awwal 1444 [13 December 2022].
The Prime Minister
Issued on: 10 Muharram 1446
Corresponding to: 17 July 2024
Published in Umm Al-Qura 5043 issued on 16 August 2024.