SAGIA is the gateway to investment in Saudi Arabia.  It came into being in April 2000 as part of a new and liberalized Saudi Arabian  Foreign Investment Law. The law was formulated with the objective of liberalizing and improving the investment climate in the Kingdom by strengthening the rights and privileges of the foreign investor. The law provides SAGIA with such a broad mandate that the Saudi Government�s various ministries and relevant agencies are represented on SAGIA�s Board of Directors. 

According to this mandate, SAGIA has three primary roles: 

1.   To act as a service organization (facilitator), supporting and providing hands-on assistance to existing and prospective investors. SAGIA aims to provide the full range of support functions, from the enquiry stage to the fulfillment of a business project.

2.   To act as Saudi Arabia�s inward investment promotion agency. This means promoting the Kingdom as a stable, modern economy and strategic and profitable investment location. Its role is to project the Kingdom as a nation that offers a globally acceptable standard of living and a peaceful social and cultural atmosphere for people of all nationalities.

3.   To act as a catalyst for major changes. Its statute empowers SAGIA to recommend state policies designed to promote and enhance local and foreign investments and to propose executive plans and criteria to improve the investment climate in Saudi Arabia . SAGIA acts as an intermediary between the global community and the Saudi Government and its ministries and agencies. 

SAGIA seeks to improve the investment climate in the Kingdom by conducting surveys of laws, regulations and procedures that have implications on investment. It conducts studies to benchmark the Kingdom�s competitiveness in attracting investments, and that determine the administrative barriers to foreign and domestic investments. SAGIA also organizes workshops involving foreign and Saudi businessmen to assess their needs, and in active cooperation with the Shura Council and the Chambers of Commerce and Industry. The Authority has been actively working with the government and other agencies to achieve its objectives and has already issued inward investment licenses worth over SR 51.42 billion (US$ 13.71 billion) for 1864 projects over the past three years.

SAGIA reports to the Supreme Economic Council (SEC), which is the Kingdom�s top policy-making body. A Royal Decree issued on August 30 1999 formed the eleven-member Council. Crown Prince Abdullah bin Abdulaziz, Deputy Premier and Commander of the National Guard chairs the Council. The formation of the SEC was prompted by the crucial role played by economic affairs in the countries of the world, their direct influence on the interests of citizens and the need to involve a wide circle of contributors in economic policy-making in the changing economic world. It also underlined the importance that the Kingdom attached to economic reforms and liberalization in the context of globalization. The SEC considerably broadened representation of Saudi business and academic communities in the nation�s policy-making. It enjoys a broad mandate to issue developmental policy guidelines. 

SAGIA has also been actively engaged in dialogue and cooperation at various levels with several international organizations, such as the United Nations. Two SAGIA investment retreats � at Barcelona last year and Istanbul in Turkey recently � have also made significant recommendations on changes that will be needed in the law and on the ground. Its main  Investor Service Center in Riyadh � the one-stop shop � has been functioning for more than two years. It has opened additional centers in Jeddah, Dammam, Jubail, Yanbu and Madinah in cooperation with the Chambers of Commerce and Industry and other bodies such as the Governor�s Office in Madinah and the Royal Commission for Jubail and Yanbu. SAGIA is currently holding discussions with the Chambers of Commerce to open four more Investor Service Centers in the Kingdom in Abha, Hail, Al-Gurayat and in Al-Qaseem.

The Authority is also considering establishment of representative offices in selected overseas locations. The Japanese government has taken the initiative to establish a Japan Desk within SAGIA to facilitate continuous interactions with Japanese businesses and investors. The Japan External Trade Organization (JETRO) and Japan Cooperation Center sponsor the Japan Desk at SAGIA for the Middle East (JCCME). 

SOURCE: SAGIA, Saudi Arabian General Investment Authority