The following expressions and terms
shall have the meaning ascribed beside each, unless the context
The President of the Supreme Economic Council
The Board of Directors:
The Board of Directors of the General Investment Authority.
The General Investment Authority
The Governor of the General Investment Authority
The Rules of Implementation of this Order
The main objective of the Authority is
to oversee investment affairs in the Kingdom including foreign
investment. This includes, without limitation to its powers, the
1. Preparation of state
policies in the field of developing and enhancing local and foreign
investment, and its submission to the Council.
2. Proposing executing schemes and
criteria that shall improve the investment climate in the Kingdom
and its submission to the Council.
3. Monitoring and evaluating the
performance of local and foreign investment, and drafting a
periodical report in this regard, the report’s items are determined
by the Rules.
4. Conducting studies about
investment opportunities in the Kingdom and promoting them.
5. Coordinating and cooperating with
pertinent governmental bodies to enable the Authority
to accomplish its mission.
6. Organizing conferences,
symposiums, local and international exhibitions and workshops
relevant to investment and the formation and participation in it.
7. Developing databases and carrying
out statistical surveys required for the conduct of its functions.
8. Any tasks officially assigned to
The Board of Directors of the Authority shall be formed as follows:
1. The Governor
Representative from the Ministry Interior
Representative from the Ministry of Foreign Affairs.
Representative from the Ministry of Commerce.
Representative from the Ministry of Agriculture & Water.
6. A Representative
from the Ministry of Petroleum & Mineral Resources.
7. A Representative
from Ministry of Industry & Electricity.
8. A Representative
from the Ministry of Finance & National Economy.
from the Ministry of Planning.
Representative from the Ministry of Labor and Social Affairs.
from the Saudi Arabian Monetary Agency Member
Two members of the private sector are appointed by a decision by the
Chairman upon a nomination by the Governor.
Representatives of government bodies in the Board of Directors shall
not be less in rank than the fourteenth. Membership tenure in the
Board of Directors shall only be for three years.
The Board of
Directors is the governing power over the Authority’s affairs, the
conduct of its business, and renders all relevant decisions necessary
for realizing its objectives within the provisions of this Order. It
shall be specifically charged with the following:
on investment applications and their termination.
a list of types of activities excluded from foreign investment and
submitting it to the Council.
Approval of by-laws, financial and
administrative rules and the organizational structure of the
Authority, which will ensure the systematic progress of its works.
Supervision and revision of the
administrative and financial management of the Authority.
of the Authority’s budget plan and its final statement of account, the
report of the comptroller and the annual report, in preparation for
its submission according to regulations.
committees by members of the Board of Directors and others to perform
the duties assigned to the Authority as may be decided by the Board of
examine the matters referred to it by the Governor and the committees
formed by the Board of Directors.
the amendment of this Order and other regulations pertaining to
Delegating officials of
the Authority to sign the various agreements and contracts within the
limits determined by the Board of Directors.
10. Endorsing the Authority’s work plan
and its operational scheme.
endowments, grants and aids.
The Board of
Directors shall hold its meetings upon an invitation by the Governor
at least once each month. The Governor shall invite the Board of
Directors when requested by at least half the members. The invitation
shall include an agenda. A valid quorum requires the presence of the
majority of members including the Chairman of the Board of Directors
or a member including the Chairman of the Board of Directors or a
member representing him; resolutions are issued by a majority of
present votes. Whenever the votes are equally divided, the casting
vote shall be that of the Chairman. The Board of Directors has the
right to invite to its meetings those whom it deems to benefit from
their knowledge and experiences without having the right to vote.
Proceeding and resolutions of the Board of Directors shall be entered
in minutes signed by the Chairman and present members.
The Board of
Directors shall not have the right to issue resolutions by independent
submissions to members except when necessary, provided, in such case,
a written unanimous consent members of the Board of Directors for the
resolution is obtained. The resolution shall be presented to the Board
of Directors in its first subsequent meeting to be entered in the
minutes of the meeting.
The Authority shall
have a Governor in the rank of a minister appointed by a royal decree
upon the Chairman’s nomination.
The Governor shall
be the executive officer responsible for managing the Authority and
conducting its business. His responsibilities are primarily within
the context of this Order and those decided by the Board of
Directors. He is vested with the following powers:
preparations for the Board of Directors’ meetings.
- Monitoring the
implementation of the Board of Directors; resolutions.
- Drafting the
Authority’s plan, the final statement of account and the annual
report in preparation of its submission before the Board of
- Supervising the
Authority’s employees, staff and workers according to his vested
powers and rules.
- Issuing orders
on the Authority’s expenditures according to the approved annual
periodical reports to the Board of Directors concerning the business
of the Authority, its achievements and activities.
- Proposing the
Authority’s strategies and programs and supervising of its discharge
after being approved by the Board of Directors.
- Representing the
Authority before other government bodies and others.
The Governor has the right to delegate some of these powers to other
officials of the Authority.
- A Comprehensive
Service Center shall be established at the Authority, consisting of
liaison offices including full-time representatives for all
government departments with relation to investment, i.e. the
Ministries of Interior (The General Directorate of Passports, The
General Administration for Recruitment), Foreign Affairs, Commerce,
Industry and Electricity, Finance and National Economy (Zakat and
Income Department, Saudi Industrial Development Fund), Agriculture
and Water, Labor and Social Affairs (Labor & Laborer’s Office),
Petroleum and Mineral Resources. The Board shall the right to amend
the parties mentioned in this Order upon a proposal from the Board
- The above
mentioned Comprehensive Service Center shall operate under the
supervision of the Governor. It shall extend its services to
investors in a manner that ensures consolidating the locale for
application reception and processing, prompt finalization of the
affairs and issuance of licenses, approvals, visas and residence
permits required for practicing the activity.
The Authority shall
have an independent budget issued in accordance with the issuance of
the general state budget and the Authority’s funds shall consist of
appropriations in the state budget.
2 Income derived by the Authority from
conducting an activity that falls within its objectives.
3. Any other funds
which the Board of Directors may accept, i.e. donations, endowments,
grants and aid.
4.All movables and
immovable properties passed to it from the Saudi Consulting Services
funds shall be deposited in an independent account and discharged in
accordance with the Authority’s financial regulations.
The fiscal year of
the Authority is as the state fiscal year, save for the first fiscal
year of the Authority which shall start as of the date this Order come
to the right of the Comptroller General in monitoring the Authority’s
accounts, the Board of Directors shall appoint one or more
comptrollers either being natural or body corporate licensed to work
in the Kingdom and shall determine their fees. Should there be more
than one comptroller then they shall be jointly liable for their
activities before the Authority. The comptroller’s report shall be
addressed to the Board of Directors with a copy to the Board of the
The Board of
Directors shall issue the Rules within thirty days as from the date
this Order is issued. It shall be published in the Office Journal and
shall be effective as of the dated of its publishing.