Saudi Arabia’s New Commercial Registration Law Set to Drive 8.8% Investment Growth

KSA, 19 November, 2024 : Saudi Arabia’s investment landscape is set for significant growth, with local investments projected to rise by up to 8.8% under the Kingdom’s new Law of Commercial Registration. A report by the Center for Economic Studies at the Federation of Saudi Chambers highlights the law’s transformative potential for the business environment.  

The report underscores the Saudi private sector’s SR1.7 trillion GDP contribution and 1.5 million active commercial registrations. It also highlights localization achievements at 28% and increased female workforce participation at 35.4%.  

Key reforms include eliminating sub-registries, enabling nationwide operations under a single record, and allowing businesses to handle multiple activities without city-specific registrations. These changes aim to streamline operations and encourage expansion.  

Annual savings of SR80 million to SR110 million are anticipated from the removal of sub-registries. The reforms are also expected to boost local investments by 7.4% to 8.8% and increase branches of economic establishments by up to 5.3%.  

The Federation of Saudi Chambers, in collaboration with the National Competitiveness Center (Tayseer), has been instrumental in addressing investor challenges and driving these reforms forward.  

Source : www.saudigazette.com.sa