Under the previous Foreign Investment Law of 2000 and the new Foreign Investment Law of 2019, SAGIA shall issue a license for foreign capital investment in any investment activity in the Kingdom, whether permanent or temporary. There is some limit to its discretionary powers as the authority must issue a license for reasons specified in the law and with the possibility of appeal, but the procedure remains discriminatory vis-à-vis Saudi investors.
"Article 2
Without prejudice to the provisions of the laws and agreements, the authority shall issue a license for foreign capital investment in any investment activity in the Kingdom, whether permanent or temporary. [...] If the authority rejects the application within the prescribed period, the decision must be justified, and the party whose application has been rejected shall have the right to appeal such decision according to laws.
Article 3
The Council shall have the authority to issue a list of activities excluded from foreign investment.
Article 4
Subject to the provisions of Article 2, the foreign investor may obtain more than one license for different activities, and the regulation shall specify the necessary requirements.
Article 5
Foreign investments licensed under the provisions of this Law may be in either of the two following forms: -Firms owned by a national and foreign investor; -Firms wholly owned by a foreign investor. The legal form of the firm shall be determined in accordance with Regulation and directives. [...]" (Foreign Investment Law in the Kingdom of Saudi Arabia, 2019)
Foreign Investment Law of Saudi Arabia, 2019
Foreign Investment Law, Royal Decree No. (M/1) dated 5/1/1421H (Corresponding to 10/4/2000AD)
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