DRAFT OF THE INVESTMENT LAW IMPLEMENTING REGULATIONS

1. The words and phrases defined in Article 1 of the Investment Law shall have the same meanings assigned thereto when mentioned in the Regulations. 

2. The following words and phrases used in the Regulations shall have the meanings assigned to them below, unless the context provides otherwise:

A Capital: For the purposes of applying the Investment Law and the Regulations, capital shall include without limitation the following assets of material value:

i. Cash and cash equivalent, shares, stocks, or other forms of equity participation in companies;

ii. Contractual rights, including, but not limited to, a turnkey or construction contract, a concession,  a contract under which remuneration depends substantially on the production, revenues or profits of an enterprise, or claims to money or performance under contract having material value; 

iii. Fixed or movable assets as well as any other property rights in rem in respect of every kind of asset, such as mortgages, and pledges; 

iv. Intellectual property rights, to the extent such rights are recognized in the Kingdom in accordance with applicable laws, including, copyrights, patents, industrial designs, trademarks, trade names, and trade secrets; and

v. Rights granted under applicable laws and regulations, including licenses, permits, or the like for an enterprise.

B Committee: The Committee for considering Investment violations and imposing penalties for violations of the provisions of the Investment Law and the Regulations.

C Competent Authority: The relevant ministry, government agency, authority, program, public institution, fund and the like, and any independent body with an independent legal personality.

D The Investment Law: the Investment Law issued by Royal Decree (M/19) dated 16/01/1446H.

E Regulations: The Implementing Regulations to the Investment Law.

F Control: The ability or power to directly or indirectly exercise effective influence over the actions and decisions of another.

G Day: The calendar day, including official vacation days for the country. For dates mentioned in the Regulations, if the last day is an official vacation then the date will be extended to the first business day thereafter.

H Excluded Activities: Prohibited Activities and Restricted Activities.  

I Prohibited Activity: An economic activity that is not available for foreign Investment without prior approval of the FDI Committee. 

J Restricted Activity: Any economic activity which a Foreign Investors may carry out in the Kingdom provided they meet the conditions set by a Competent Authority which includes the FDI Committee as the case may be. 

K FDI Committee: The Permanent Ministerial Committee for Examination of Foreign Investments created by Council of Ministers’ resolution no (83) dated 30/01/1443H.

L Investor Guide: The Investor guidance containing rules and procedures issued by the Ministry to detail, explain or offer general guidance on the Regulations.

M Inspection Rules: The rules and procedures for recording and detecting violations issued by the Ministry.

N Incentives: benefits offered by the government to incentivize investments in the Kingdom and which may take any form such as financial, tax and customs, in-kind benefits, and regulatory incentives, subsidies of any kind such as energy, manufacturing, environmental and the like, and incentives in the form of concessions. 

O The Kingdom: The Kingdom of Saudi Arabia.

P Material Violation: Any of the actions listed in ‎ARTICLE (33) of the Regulations.

Q National Registry of Investors: A database established by the Ministry in coordination and alignment with relevant Competent Authorities, and which includes the platform for investor registration in accordance with Chapter 5 herein. 

The Regulations aim to implement the Investment Law and achieve each of the objectives and purposes set out therein.​

The Investor shall be entitled to the rights stipulated in the Investment Law upon establishing an Investment in the Kingdom in accordance with applicable laws.​

1. 1. Without prejudice to relevant laws and international agreements and treaties to which the Kingdom is a party, each Investor shall be treated equally to other Investors and treatment shall be equal between Local Investors and Foreign Investors in similar circumstances. 

2. For purposes of Paragraph (1) herein, whether circumstances are similar depends on the totality of the circumstances, including the following:

A Whether the relevant treatment distinguishes between Investors or Investments on the basis of legitimate public policy objectives;

B The goods or services consumed or produced by the Investment;

C The targeted sector;

D The size of the Investment; and

E The impact of the Investment on the economy or the environment.

3. 2. Notwithstanding Paragraph (1) of this Article, the Ministry retains the right to regulate in the interest of public policy, including but not limited to, the protection of national security, public safety, and public order, in accordance with applicable laws and regulations.

The following circumstances shall be considered a violation of fair and equitable treatment:

1. Denial of justice in criminal, civil, commercial or administrative proceedings;

2. Material breach of due process, including the basic violation of the transparency of judicial and administrative proceedings;

3. Any manifest arbitrariness and arbitrary treatment, such as harassment and compulsion; or

4. Unjustified targeted discrimination which is based on apparent illicit causes. 

1. A measure or a series of measures shall be considered an indirect expropriation if it has an effect equivalent to direct expropriation, in that it deprives the Investor of the fundamental attributes of property of their Investment without the formal transfer of title or outright seizure. The following criteria shall be considered in determining whether indirect expropriation has occurred:

A The economic impact of the measure or series of measures, although the adverse effect on the economic value of the Investment is not solely sufficient to determine expropriation; 

B The duration of the measure or series of measures; and

C The character of the measure or the series of measures.

2. A non-discriminatory legal measure that is adopted and maintained in good faith to protect legitimate public welfare objectives, such as health, safety and the environment, shall not constitute indirect expropriation.

1. Without prejudice to the relevant laws and regulations, an Investor has the right to freely transfer funds relating to their Investments into and out of the Kingdom without delay. Such transfers shall include though not exclusively:

A The initial Capital and additional amounts to maintain or increase Investments;

B B Profits, capital gains, dividends, royalties, fees and other current incomes accruing from Investments;

C Payments made under a contract including loan payments in connection with Investments;

D Proceeds of the total or partial sale or liquidation of Investments; and

E Earnings and remuneration of personnel engaged from abroad and working in connection with their Investments.

2. Notwithstanding Paragraphs (1) and (2) of this Article, the transfer of funds may be delayed or prevented through the equitable, non-discriminatory and good-faith application of legislation relating to: 

A Bankruptcy, insolvency or the protection of the rights of creditors;

B Issuing, trading or dealing in securities;

C Criminal or penal offenses; or

D Ensuring compliance with orders or judgments in adjudicatory proceedings.

3. The provisions of paragraphs (1) and 2 shall not apply to measures taken by Competent Authorities relating to financial services for prudential reasons, including measures for the protection of investors, depositors, policy holders or persons to whom a fiduciary duty is owed by an enterprise supplying financial services, or to ensure the integrity and stability of the financial system.

1. The Ministry shall provide the Investor with statistical data and information on Investment in the Kingdom, in accordance with the procedures it adopts, and in a manner that safeguards the privacy and protects the rights of the data subjects pursuant to the applicable laws of the Kingdom, and provided that the information requested is not of a sensitive nature that relates to national security.

2. Investors may submit to the Ministry requests to obtain statistical data and information relating to Investment in the Kingdom in accordance with what is specified in the Investor Guide, together with the reasons for their request and all supporting documents if any.

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18. Article (8) of the Investment Law states that the FDI Committee will issue and update, and MISA shall publish, the list of Excluded Activities identifying Prohibited and Restricted activities.  

19. Chapter (6) of the draft Regulations:

(i) Requires MISA to publish an Investor Guide and to publish the list of Excluded Activities in the Investor Guide;

(ii) Prohibits foreign investors from investing in an Excluded Activity without the prior consent of the FDI Committee;

(iii) Requires MISA to refer applications to invest in an Excluded Activity to the FDI Committee and to notify investors of FDI Committee decisions regarding such applications;

(iv) Stipulates conditions in which investors can reapply for consent to invest in an Excluded Activity if an initial application was rejected; and

(v) Requires investors engaged in an Excluded Activity to seek prior approval from MISA before changing any aspect of the investment for which approval to invest in an Excluded Activity was previously granted.  

1. 1. The Ministry shall establish the National Registry of Investors to record and store information and data related to the Investments of registered Investors. The National Registry of Investors shall be operational when the Regulations come into effect.

2. The Ministry shall ensure appropriate and effective protocols and systems are in place to safeguard and protect the security and confidentiality of information and data on the National Registry of Investors.

1. The Foreign Investor shall register with the Ministry prior to making any Investment in the Kingdom as defined in Article 1 of the Investment Law. This shall not affect any rights acquired by Foreign Investors prior to the enactment of the Investment Law, including licenses or Investment Incentives for the full duration of such rights when granted. A Local Investors may register with the Ministry voluntarily.

2. The Foreign Investor may authorize a representative to conduct the registration on their behalf. The legal representative must comply with the relevant provisions to handle the registration matters on behalf of the Foreign Investor. Such authorization does not release the Foreign Investor from their responsibilities and obligations under the Regulations.

1. If the registration application is for a natural person, the applicant must provide the following information: 

A The applicant’s name;

B The applicant’s domicile and nationality;

C The business scope of the applicant and the Investment activity; including the main and ancillary economic activities, and the relevant economic sectors;

D The expected Capital contribution in the proposed Investment; and

E Any other information or documentation as specified by the Ministry or stipulated in applicable laws and regulations of the Kingdom.

2. If the registration application is for a legal person, the following information must be provided upon registration: 

A The name of the entity, the jurisdiction in which it was a resident and the jurisdiction in which it is deemed a resident if different; 

B The business scope of the applicant and the Investment activity; including the main and ancillary economic activities, and the relevant economic sectors;

C Registered Capital or Capital contribution in the proposed Investment; and

D Name, place of incorporation of the owners or shareholders including all persons having Control over the Foreign Investor and the ultimate beneficial owner of the Foreign Investor, as applicable.

3. As a condition for completing the registration, all applicants for registration must sign or affirm the declarations prepared by the Ministry which include a declaration of the validity of all the information and documents provided in accordance with the form prepared by the Ministry.

4. The Foreign Investor shall be responsible for the validity of information and documents they submit.

5. The Ministry may request any additional information and documents it deems necessary if the information set forth in paragraphs (1) and (2) above appears to be incorrect or insufficient to determine the identity of the Investor and the activities in which they will invest. 

1. The Ministry shall notify the registration applicant of their registration in a non-Excluded Activity within [5] Days after all registration requirements have been met.

2. The Foreign Investor in an Excluded Activity shall be deemed registered upon the issuance of the required approvals in accordance with Chapter 6 of the Regulations, the applicable laws of the Kingdom and procedures specified by the Ministry in the Investor Guide. 

3. Where the registration application is incomplete or further information is required, the Ministry shall notify the Foreign Investor. The Foreign Investor shall submit the required information or documents within a reasonable period specified by the Ministry, which in all cases shall be no less than [15] Days. If the Foreign Investor fails to provide information or documents referenced in the Ministry’s notification within the specified timeframe, the registration application shall be deemed invalid.

Without prejudice to requirements in ‎ARTICLE (21) of the Regulations, the Foreign Investor shall provide the Ministry, on an annual basis, with  reconfirmation of the declarations signed upon registration pursuant to ‎ARTICLE (12)(3) of the Regulations and any updates thereto as required by the Ministry, and confirmation that the information recorded in the National Registry of Investors is accurate and up to date. The Ministry shall inform the Investor of the update to their registration within (5) Days of the Investor’s submission of the update request in accordance with this Article. ​​

1. The registered Investor, or their legal representative, shall request a deregistration in accordance with the mechanism approved by the Ministry within (30) Days of the occurrence of the following mandatory deregistration events:

A If the Investor no longer participates in carrying out all economic activities included in the Investor’s registration; or

B If the commercial registration pertaining to the economic activities included in the Investor’s registration is cancelled or stricken and the decision to strike the commercial registration is final and no longer subject to appeals under applicable laws. 

Notwithstanding the foregoing, a registered Investor may submit a voluntary deregistration request at any time provided that all the statutory documents and clearances are submitted to the Ministry to complete the deregistration.

2. The registered Investor’s request for deregistration shall include information and documents specified by the Ministry. 

3. Where the proof of the occurrence of a mandatory deregistration event is incomplete or is not submitted through the mechanism approved by the Ministry, or where the voluntary deregistration request is incomplete, the Ministry shall notify the Foreign Investor of the same. The Investor shall supplement or complete the required proof of termination within the period specified by the Ministry. 

4. The Ministry shall deregister an Investor in the following cases:

A If by court order or by a decision of a Competent Authority under applicable laws of the Kingdom an Investment is ceased and the ceased Investment is the only Investment included in the Investor’s registration; or

B If a final decision to terminate an Investment is issued for national security considerations in accordance with ‎CHAPTER (8) of these Regulations. 

C If a final decision to terminate an Investment is issued by the Committee in accordance with ‎CHAPTER (11) of these Regulations. 

5. The Ministry shall issue a decision of deregistration in writing within (5) Days from the date of receipt of a completed deregistration request, or from completing the deregistration in accordance with Paragraph (4) of this Article, as the case may be. 

6. It shall be prohibited for Investors to carry out economic activities in the Kingdom related to a deregistered Investment upon the issuance of the deregistration decision in accordance with Paragraph (5) of this Article without completing a new registration with the Ministry.

The FDI Committee shall on an annual basis issue, and if applicable update a List of Excluded Activities, including Prohibited Activities and Restricted Activities, which shall be published in the Investor Guide. It shall be prohibited for the Foreign Investor to engage in any of the Excluded Activities without prior approval and completing the registration.​​​

1. A Foreign Investor seeking to engage in an Excluded Activity shall submit an application for approval to the FDI Committee through the Ministry. 

2. The FDI Committee shall stipulate the requirements, conditions, and documents required for a Foreign Investor to engage in an Excluded Activity, which shall be published by the Ministry. 

3. The FDI Committee, through the Ministry, may request any additional information or documents it deems necessary to review an application for approval submitted pursuant to this Article.

4. The Foreign Investor shall be responsible for the validity of the information and documents they submit with an application for approval to engage in an Excluded Activity.

1. The Ministry shall notify the Foreign Investor through the approved forms of communication of receipt of a completed application to engage in an Excluded Activity.

2. The Ministry shall submit requests for approval to engage in an Excluded Activity together with all supporting documents provided by the Foreign Investor to the FDI Committee. The Ministry shall coordinate with the Competent Authority on all matters related to the request, and the Ministry shall be the primary point of contact for the Foreign Investor.

3. Where the application to engage in an Excluded Activity is incomplete or not in the required form, the Ministry shall inform the Foreign Investor who shall supplement or complete the required information or documents. 

1. The Ministry shall notify the Foreign Investor of the FDI Committee’s decision to engage in a Restricted Activity within ([]) Days of receiving the completed application to engage in Restricted Activities. The Ministry shall notify the Foreign Investor in writing of any decision and, unless it has a justification to the contrary, shall include a reasoning of any negative decisions and information on legal remedies if applicable. 

2. The FDI Committee shall have discretion to issue a rejection or approval, including a conditional approval, as it deems fit to engage in a Prohibited Activity within the period specified by the FDI Committee in accordance with its specific rules and regulations. The Ministry shall notify the Foreign Investor of the decision of the FDI Committee upon its issuance.

1. Where an application for approval to engage in an Excluded Activity is rejected, if the facts and circumstances of the proposed Investment have materially changed, the Foreign Investor may submit a reapplication, provided the reapplication includes the following:

A The reference number of the initial application; and

B New or additional information clarifying the material changes or modifications which warrant a reconsideration of the application.

2. The processes stipulated in ‎ARTICLE (11) to ‎ARTICLE (13) of the Regulations shall apply to the provisions of this Article.

1. The Foreign Investor in an Excluded Activity shall apply for the approval of the Ministry prior to making a material change to any fact or circumstance relating to their Investment in accordance with the requirements and procedures set out in ‎ARTICLE (11) to‎ARTICLE (13) of the Regulations.

2. For the purposes of paragraph (1) of this Article the following, without limitation, shall be deemed a material change:

A Engagement by the Foreign Investor in an Excluded Activity beyond the scope of the approval issued to them;

B Any action resulting in a change of ownership or Capital, any change of Control of the Foreign Investor, and any change of beneficial owner; and

C Any other material facts or circumstances set forth in the Investor Guide.

1. The Comprehensive Services Center established by the Ministry shall facilitate communication between the Investor and the Ministry in relation to, without limitation, the following:

A Registration, updating the registration, and deregistration under Chapter 5 of the Regulations; 

B Applications under Chapter 6 of the Regulations; and

C Requests for information or documents, and any other communication relating to procedures undertaken pursuant to the Regulations. 

The registered Investor shall be granted all the benefits, facilitations, and services provided by the Comprehensive Services Center, and the Investor Guide shall provide details of the benefits, facilitations, and services provided by the Comprehensive Services Center.  

1. In coordination with Competent Authorities and the Saudi Business Center for Economic Activities and in accordance with applicable laws of the Kingdom, the Ministry may receive requests from Investors for statutory approvals necessary to engage in Investment activities through the Comprehensive Services Center. 

2. The Investor Guide shall, following coordination with the entities referenced in Paragraph (1) above, specify the services provided by the Comprehensive Services Center in relation to accepting requests for statutory approvals necessary to engage in Investment activities.

3. Upon receipt of Investor requests for statutory approvals required to engage in an Investment activity, the Comprehensive Services Center shall undertake the following:

A Notify the Investor of receipt of the request; 

B Forward the request to the Competent Authority; 

C Coordinate with the Competent Authority in relation to issuing any such approvals to ensure the Investor fulfils its statutory requirements; and

D The Ministry shall notify the Investor of the Competent Authority’s decision to accept or reject the request.

1. Pursuant to Article (9) of the Investment Law, the Ministry may take the appropriate measures including without limitation suspension, termination, unwinding, and full or partial divestment in relation to foreign Investments to protect the national security of the Kingdom, in accordance with the conditions and procedures set forth in this Chapter.

2. The Ministry shall not suspend, terminate, unwind, order a full or partial divestment, or take any other measure with respect to a foreign Investment unless a determination has been made by relevant Competent Authorities that it is necessary to protect the national security of the Kingdom, and the Ministry shall set the criteria regulating the termination process in coordination with Competent Authorities including the FDI Committee. 

1. The Ministry shall coordinate with the Competent Authorities including the FDI Committee with regards to the Investment under national security review, before, during, and after the proceedings stipulated in this Chapter.

2. The Ministry shall issue a written notification to the Foreign Investor after the initiation of proceedings under this Chapter unless necessity requires otherwise. 

3. The Ministry may request any information or documents it deems necessary to assess the impact of the foreign Investment on the national security of the Kingdom. 

4. The Foreign Investor shall have the right to be heard, and the Ministry shall provide them with the opportunity to provide information or documents relating to the proceedings stipulated in this Chapter. 

5. The Ministry may enter discussions with the Foreign Investor, at its discretion, to assess alternative measures to mitigate the national security concerns of the foreign Investment, if it determines that such measures may be appropriate to mitigate the national security concerns. The Ministry may terminate the review proceedings before issuing a decision if agreement on how to mitigate the national security risks has been reached with the Investor.

1. The Ministry shall issue a decision within [90] Days after initiation of the national security review proceedings. The Ministry may extend the review for a similar period, if the circumstances require.

2. The Ministry shall notify the Foreign Investor of decisions issued pursuant to this Article in writing. 

1. The Ministry shall establish a dedicated system to receive Investor grievances in coordination with the Competent Authority, through which Investors may submit grievances with respect to matters, issues and procedures that affect their Investment activities. 

2. Investor grievances submitted to the Ministry are not a judicial proceeding and shall not affect their right to commence a proceeding before a competent court or tribunal, or to resort to any agreed alternative dispute resolution mechanisms. 

3. It is not permissible to invoke the information disclosed by the Investor during the hearing of their grievance in front of any judicial body or arbitral tribunal.

1. The Investor shall submit grievances to the Ministry  together with the reasons for their grievance and their request for assistance and support, with relevant supporting evidence and information relating to the subject matter of the grievance. 

2. The Investor shall provide the following information when submitting a grievance to the Ministry:

A A summary of the facts and circumstances relating to the grievance;

B Details of the Investment project to which the grievance relates;

C Supporting evidence for the grievance and its statutory grounds;

D Clarification of the entity to which the measure or decision under grievance is attributed to;

E A description of steps taken by the Investor to resolve the grievance and the approximate value of the damage they incurred and the remedy or resolution sought; 

F An acknowledgment indicating that legal action has not previously been filed or currently pending before the judicial authorities or the competent bodies in relation to the measure or decision under grievance; and

G Any further information the Ministry may request. 

3. The Ministry shall confirm receipt of the grievance to the Investor within [•] Days, and it shall commence the process of assessing the grievance upon determining it has competence over it. The Ministry shall not accept grievances if the Investor has sought judicial redress from a competent court about the subject matter of the grievance, or if arbitration or conciliation has commenced before a competent forum in relation to the subject matter of the grievance.

4. The Ministry shall undertake the following in assessing and addressing Investor grievances: 

A Requesting factual clarifications of the grievance from the Investor and the Competent Authorities; 

B Coordinating with the relevant Competent Authorities to advocate on behalf of Investors to seek to amicably resolve the grievance; 

C Assessing challenges faced by the Investor and exerting the necessary efforts to resolve them; 

D Providing opinions and recommendations to Competent Authorities in accordance with investor rights stipulated in the applicable laws of the Kingdom and the relevant international agreements to which the Kingdom is a party; and

E Provide assistance and support to Investors to promote effective coordination with the relevant Competent Authority and improve the way the Investor presents concerns and complaints to a Competent Authority or relevant person.

5. When assisting and supporting Investors to resolve grievances that involve Competent Authorities, the Ministry shall:

A Respect the statutory jurisdiction of the Competent Authority to which the Investor grievance relates; 

B Act in accordance with the objective purposes stated in Article 2 of the Investment Law; and

C Ensure the resolution of grievances is consistent with Investor rights and obligations in international agreements to which the Kingdom is a party.

6. When reviewing grievances lodged against it and when providing Investors with assistance to resolve grievances against Competent Authorities, the Ministry shall:

A Use best endeavors to resolve grievances in a timely manner and keep Investors informed of progress; and

B Ensure that the Ministry’s decisions are transparent and non-discriminatory.

1. If the Ministry determines that the grievance falls outside its competence pursuant to ‎ARTICLE (27) of these Regulations, it shall inform the Investor within (10) Days from the date of receipt of the grievance. 

2. Where the Ministry accepts a grievance, it shall issue its recommendation to the Competent Authority about the grievance within (35) Days from the date it accepts the Investor’s grievance and shall inform the Investor about the issuance of such recommendation. 

3. The Ministry shall notify the Investor in writing of the outcome of the grievance. If the grievance is not resolved to the satisfaction of the Investor, the Investor may seek resolution of matter through legally available dispute resolution methods. 

1. The Ministry shall have authority to conduct audits and inspections of any enterprise operating within the Kingdom to ensure compliance with the provisions of the Investment Law and the Regulations, or where there are reasonable grounds to suspect a violation of the Investment Law or the Regulations. The scope, timing, frequency and manner in which audits and inspections occur shall be established in coordination with the Competent Authority, provided that the inspection does not unduly disrupt the operations of the enterprise. The powers of Ministry designated officers shall include:

A Entering Investor premises or any location or premises used by them for purposes of their Investment activities;

B Accessing data, records, documents, information, systems, or any other items, which shall include, without limitation, the following:

i. Financial records and statements;

ii. Contracts, licenses, permits, and other legal documentation; 

iii. Employment records;

iv. Documents related to taxes, customs duties, or other financial obligations, 

v. Information related to the ownership structure, shareholder, or Control over the Foreign Investor; and

vi. Documents relevant to intellectual property rights, assets, or the operations of the Foreign Investor.

C Summoning whom the Ministry’s officer deems to have a connection with the subject matter under audit.

2. In the course of auditing and investigating violations pursuant to this Chapter (10), Investors shall provide the Ministry with all information requested within the time specified by the Ministry.

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1. The Minister shall issue a decision to appoint designate officers tasked to detect and record violations of provisions of the Investment Law and the Regulations. 

2. The Ministry may preclude a person from participating in an audit and investigation if there an actual or apparent conflict of interest.

3. Designated officer shall undertake their functions in accordance with the provisions of the Investment Law and the Regulations, and as specified in the Inspection Rules.

4. Designated officers shall, prior to performing their functions, sign a statement in accordance with the form prepared by the Ministry of the officer’s commitment to undertake the role with honesty, good faith and impartiality, and not using their powers arbitrarily, or for the achievement of personal gains, and to declare any actual or apparent conflicts of interest. 

5. Designated officers shall conduct their functions in a manner that protects the rights of the affected parties, complies with the principles of due process, and maintains the confidentiality of the information to which they have access due to their position as further specified in the Inspection Rules.

6. Designated officers shall issue reports confirming violations of the Investment Law or the Regulations they detect as well as periodic reports about the progress of the audit and investigation as further specified in the Ministry’s Inspection Rules.

The violator shall remove the violation within the period specified by the Ministry, provided it does not exceed (30) Days from the date the Ministry informs the violator to remove it.​​​

It shall be deemed a Material Violation to the Investment Law and the Regulations to engage in any of the following: 

1. Engagement by Foreign Investors in an Investment without registration;

2. Engagement by Foreign Investors in Excluded Activities without obtaining the requisite approval, or after such approval has ended or is revoked, or within the period of the approval’s suspension, or in contravention of the conditions on carrying out such activities;

3. Providing false or misleading information by the Investor to the Ministry or the Competent Authority; and

4. The prevention or obstruction by the Investor to the Ministry’s officers from exercising their competences and functions pursuant to the Regulations. 

Non-Material Violations may include, but are not limited to, the following:

A Failure to complete the annual recertification and update to the information recorded in the National Registry of Investors or to confirm that no changes have occurred as specified in ‎ARTICLE (14) of the Regulations;

B Failure to request a deregistration in violation of ‎ARTICLE (15) of the Regulations; and

C Failure to provide information requested by the Ministry pursuant to ‎ARTICLE (30)(2) of the Regulations.

The Ministry shall publish and update a schedule of penalties applicable to Material Violations and non-material violations in the Investor Guide. ​​​​

1. The Minister shall issue a decision to determine the names of the Committee members, their president, and renumeration.

2. The duration of the membership of the Committee shall be (3) years capable of renewal by a decision of the Minister.

3. A Committee member must fulfil the following conditions:

A Undertake to provide the time and effort to fulfil the requirements and responsibilities of their membership in the Committee; 

B Has not been a member for (2) consecutive periods or a part thereof without interruption for a full period; and

C Be of good conduct and standing and has not been sentenced, with a sentence that has acquired a final form, for a prescribed penalty or a crime that violates honor and integrity, provided that this has not been annulled.

1. The Committee shall issue its decisions within (30) Days of receipt, and it may extend the issuance for a similar period.

2. The Committee shall issue its decisions by a majority vote; a member who has reservations on the decision shall record this in a separate report prepared for this purpose.

3. The Committee shall notify the Investor of its decisions in writing.

​​The Ministry shall prepare, update, and publish the Investor Guide by a decision of the Minister. The Investor Guide shall contain the rules and procedures necessary to implement the provisions of the Regulations. The Investor Guide shall be published in the official platform of the Ministry.

1. In accordance with Article (14) of the Investment Law and without prejudice to the requirements of Article (7) of the Investment Law and Chapter (5) of the Regulations:

A Following the cessation of issuing investment licensing, the Ministry shall coordinate with Competent Authorities to provide authorizations necessary to ensure the continued and uninterrupted progress of strategic investment initiatives including, without limitation, the Regional Headquarters initiative, Special Economic Zones and other initiatives involving multiple foreign investors; and

B The Ministry shall not prejudice the laws pertaining to such strategic initiatives.

The Regulations shall be published in the official gazette and shall enter into force from the date the Investment Law enters into force.​​