Nasser Al-Tawayan, communications director at the Saudi Arabian General Investment Authority (SAGIA), denied that Riyadh intends to limit the number of licenses issued under the system of foreign investment, according to Saudi Gazette.
Al-Tawayan indicated that the reports that the Kingdom aims to limit the number of foreign investment licenses to just 100 per year are baseless and untrue.
"It is not logical for SAGIA to adopt such a trend since it is incompatible with the basic principles underlying the economic policy of the Kingdom of Saudi Arabia which is based on openness, flexibility and the application of the concept of the free market in general," he said.
Tawayan confirmed that Riyadh is exerting efforts to create the appropriate environment to attract and develop local and foreign investment, in addition to providing "all aspects of support, facilitation and incentives to create a more competitive investment environment to enable private sector enterprises to achieve further growth and prosperity."
Limiting the number of licenses that are being issued annually would not be consistent with the law of foreign investment in the Kingdom of Saudi Arabia, adding that Riyadh is seeking to boost investment, he said.
Tawayan added that the Saudi Arabian investment market is considered to be the most open and advanced in the region.