Changes to Saudi Arabia’s foreign investment regulations are expected to help US-based companies in the fields of artificial intelligence, cybersecurity, and renewable energy, according to the head of the business council.
The US-Saudi body’s interim CEO, Susan Lindeman, stated in an interview with the Saudi Press Agency that sports and tourism offer North American businesses good investment potential in the Kingdom.
According to Lindeman, American businesses possess experience in these fields, and with the recent legal amendment, there is a higher likelihood that these businesses will make investments in Saudi Arabia.
Saudi Arabia earlier in August announced plans to enact new laws aimed at fostering fair competition, guaranteeing equitable treatment for foreign and domestic investors, and granting access to sophisticated dispute resolution procedures via the Saudi Arbitration Center and other connected organizations.
In addition to stressing the new system’s contribution to the council’s goal of facilitating trade between the US and the Kingdom, Lindeman praised it for creating an environment that is more open and transparent for investment.
These industries back Saudi Arabia’s efforts to meet the growing demand for artificial intelligence (AI), which is expected to be a major factor in the Kingdom’s economic growth and in achieving its net-zero goals by the year 2060.
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