Saudi Arabia has passed 400 updates of its policies since the launch of Vision 2030, the country’s vice minister for mining has revealed.
Speaking at the Future Investment Initiative Forum in Riyadh, Khalid Al Mudaifer highlighted steps already taken by the Saudi government to ensure the Kingdom’s economy is diversified away from oil.
Mudaifer talked up the importance of mining — an area of government focus — as he also called for greater investment in environmental priorities “for the world to have a better green future”.
Shihana Alazzaz, general counsel for the Saudi’s Public Investment Fund (PIF) welcomed the updates, but added that when it comes to remodelling an economic system “it’s very true that laws are essential but they are not sufficient”.
Y.S. Lee, a visiting Professor of Law at Georgia State University, flagged up three requirements for attracting foreign investors: good design of the law for investment; organizations of law and legal institutions; and law that adopts to social economic conditions.
“A good law that cannot match with the local cultural and religious values wouldn’t work,” he said.