As Saudi Arabia competes for foreign direct investment during the global slowdown, the kingdom has committed itself to easing business regulation and facilitating investment in energy-intensive industries this year, a top official said.
Amr al-Dabbagh, governor of the Saudi Arabia General Investment Agency, told the Financial Times earlier this week that new regulatory and procedural reforms are intended to reduce the time and capital needed to start a business. The changes form part of a strategy to place Saudi Arabia among the world’s 10 easiest countries for doing business by next year.
The World Bank’s “Doing Business in the World” survey ranked Saudi Arabia the 16th easiest country for doing business last September, up from 23rd the year before, and up dramatically from 67th in 2004. However, the World Bank noted delays in enforcing contracts and commercial legal procedures as obstacles for Saudi Arabia.
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