RIYADH — The Saudi Arabian Investment Authority (SAGIA) has set new bylaws to the foreign investment regulations requiring foreign investors to create job opportunities for Saudis and increase local economic growth, according to Ayedh Al-Otaibi, SAGIA's legal consultant. Foreign investors should present SAGIA with a detailed plan delineating the objectives of the investment, the investor's financial capability to achieve these goals, how the investment will contribute to market competitiveness and improve services provided to consumers, the number of employees and planned training programs. The new bylaws, which came into force recently, will determine the legal structure of the entity as well, Al-Otaibi said.
