While the Cabinet’s decision was issued to form a permanent ministerial committee called the “Permanent Ministerial Committee for Examining Foreign Investments,” Al-Watan learned that the committee is headed by the Minister of Investment, with the membership of 4 ministers, 6 heads and governors of agencies, and it examines, evaluates, and decides on foreign investment requests based on Standards relating to security or public order.Amending Article Three
The decision stipulated the amendment of Article Three of the Foreign Investment Law, to read as follows: “The permanent ministerial committee is responsible for examining foreign investments by issuing a list of the types of activities excluded from foreign investment.” The aforementioned committee submitted an annual report to the Prime Minister on its work and the obstacles it faced And the proposals in this regard, in addition to the committee setting, in agreement with the Capital Market Authority, the necessary controls, procedures and conditions for the method and mechanism of examining investment applications in securities listed in the financial market issued by Saudi companies operating in sensitive and strategic sectors, in the event that approval of the application would lead to owning a share Control over any of those companies, provided that those controls, procedures and conditions are agreed upon, and they shall be enforced within a period not exceeding “two years” from the date of commencing the work of the committee.
The decision ensures that the committee meets periodically whenever the need arises according to the discretion of the committee chairman, or if at least one third of its members so requests. The invitation to the meeting is sent from the committee chairman (in writing) at least three days before its date, provided that the invitation includes the agenda. For the meeting to be valid, the attendance of at least the majority of the members, including the chairman of the committee or whomever he deputizes from the members, is required. Decisions are issued by at least the majority of the votes of the attendees, and in case of equality, the side with which the meeting chairman voted shall prevail. The decision also included that the committee would hold its meetings and vote on decisions remotely through the use of technical means, and decisions could be made by passing on members and signing them, in order to inform all members of them. Decisions issued in this way are considered valid with the approval of at least the majority of votes of the members. The Ministry of Investment has set the necessary procedures to ensure that it obtains the information of the real beneficiary of the investment it is licensing.
The resolution stipulates that the committee, in order to achieve this, will do the following: 1- Defining the sensitive and strategic sectors that affect security or public order (directly or indirectly), and constantly updating them. 2- Determining the upper limit of the direct and indirect foreign investors’ ownership percentages in the shares or shares of Saudi companies operating in sensitive and strategic sectors, or tools and securities convertible to the capital of these companies, in coordination with the concerned authorities, in a manner that does not conflict with the relevant statutory provisions. and the Kingdom’s international obligations. 3- Setting the necessary controls, conditions and procedures for deciding on requests for foreign investors’ ownership of shares or shares of Saudi companies operating in sensitive and strategic sectors, or instruments and securities convertible into capital issued by these companies, provided that these controls, conditions and procedures take into account the potential impact of the ownership application on security or public order. 4- Deciding on the request for the foreign investor to own shares or shares of Saudi companies operating in sensitive and strategic sectors, or instruments and securities convertible into capital issued by these companies, either by approval, rejection, or conditional approval, in accordance with the terms, conditions and procedures stipulated Referred to in paragraph (3) of this clause, provided that a representative from the authority responsible for organizing the activity related to the ownership application participates in discussing and voting on these applications. 5- Develop a list of individuals or companies prohibited from investing in the Kingdom, for considerations of protecting security or public order, and update it in coordination with the concerned authorities. 6- Requesting any information, data, reports, statistics or visuals – from all ministries and other government agencies – required by the nature of their work. 7. Invite any government agency, and seek the assistance of specialists and advisors, to attend its meetings without having the right to vote. 8- Forming the committees and work teams it deems appropriate, and assigning them the necessary powers to accomplish the tasks entrusted to them.
1- Minister of Investment “Chairman”, and the membership of: 2- Minister of Commerce 3- Minister of Economy and Planning 4- Minister of Communications and Information Technology 5- Chairman of the Board of Directors of the Local Content and Government Procurement Authority 6- Chairman of the Board of Directors of the Saudi Authority for Intellectual Property 7- Chairman of the Board of Directors Capital Market Authority 8- Chairman of the Saudi Data and Artificial Intelligence Authority 9- Governor of the General Authority for Foreign Trade 10- Governor of the General Competition Authority 11- CEO of the hedging program
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