Saudi Arabia plans to loosen the country’s strict visa requirements in an effort to attract foreign capital as the Kingdom seeks to diversify its economy away from oil.
A mechanism to issue visas to investors more quickly will be announced soon, Commerce and Investment Minister Majid Al-Qassabi said.
“There is no doubt that the existence of a swift mechanism to get a visa is necessary,” he told a news conference in Jeddah, where ministers are presenting a multi-year plan to overhaul the economy.
Authorities in Saudi Arabia are trying to boost foreign direct investment in non-hydrocarbon industries to counter the drop in crude prices.
The Kingdom is 82nd among global economies in the World Bank’s Doing Business index.
It is ranked 15th among the G-20 nations.
Source: Arab News