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Saudi Arabia plans to speed up visa process for investors

RIYADH, June 11, 2016

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, reported Bloomberg citing the Commerce and Investment Minister Majid Al Qasabi.

“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 the world’s biggest oil exporter 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.-Bloomberg




Tags: Saudi Arabia | Visa | investors |

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