Saudi Arabia's Ministry of Industry and Mineral Resources said on Sunday that it has increased the term of industrial licences to five years.
Currently, the licences are valid for three years. However, new business permits or those that are being renewed will be valid for five years if investors meet all necessary requirements.
The move is intended to attract new and "more qualitative investments in various industrial activities, especially those that require medium to long periods of time", ministry spokesman Jarrah Al-Jarrah said.
It will also help to sustain factories and reduce review periods by investors in the sector, he said.
Saudi Arabia, the world's biggest oil exporter, is rapidly transforming its economy to cut its dependence on oil revenue.
The country has taken various steps, including measures to ease administrative procedures and introduce investor-friendly regulations, to attract investors.
The kingdom will offer $6 trillion worth of major opportunities to investors over the next decade, Saudi Crown Prince Mohammed bin Salman said earlier this year during the World Economic Forum.
The opportunities "include $3tn in investments in new projects within the framework of the opportunities provided by the kingdom's Vision 2030" and promising growth sectors, the SPA said.
Saudi Arabia last year approved a mining law to boost foreign direct investment in the sector.
The law, which came into effect in January, will help the country to explore mineral resources worth about 5tn riyals ($1.3tn), according to Invest Saudi.
Saudi Arabia's efforts have borne fruit as the country continues to attract foreign capital despite the Covid-19 pandemic, the kingdom's Minister of Investment Khalid Al-Falih said during the Future Investment Initiative in Riyadh earlier this year.
However, Mr Al-Falih did not give a direct investment figure for 2020 investment.
In 2019, FDI in the kingdom grew by 7 per cent to $4.6 billion, according to the UN Conference on Trade And Development's 2020 World Investment Report.
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
