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Improvement of the investment climate continues to be an important part of the SAG's broader program to liberalize the country's trade and investment regime, diversify an economy overly dependent on oil, and promote employment for a young population.
Saudi Arabia has made progress on its WTO commitments since joining the organization in and will undergo its first Trade Policy Review in January However, it has yet to join the Government Procurement Agreement, as pledged at ratification.
In its "Doing Business " report, the World Bank ranked Saudi Arabia 12th out of economies in terms of ease of doing business, a marked improvement fromwhen it ranked 67th.
In its "Corruption Perceptions Index " report, Transparency International ranked Saudi Arabia as the 57th-cleanest out of countries in terms of perceived levels of public-sector corruption, down from 50th in but still demonstrating significant progress fromwhen it ranked 80th. The government encourages investment in transportation, education, health, information and communications technology, life sciences, and energy; as well as in four "Economic Cities" that are in various states of development.
The Economic Cities are to be new, comprehensive developments in different regions focusing on particular industries. Prospective investors will find Saudi Arabia attractive for its economic stability, large market with a population of over 27 millionsound infrastructure, well-regulated banking system, and relatively high per-capita income.
There are also disincentives to investment, specifically a government effort to force all employers to hire Saudis, a restrictive visa policy for all foreign workers, extremely slow payment under some government contracts, a very conservative cultural environment, and enforced segregation of the sexes in nearly all business and social settings.
Further, although the SAG is making progress towards establishing a commercial court system, there is not yet a transparent, comprehensive legal framework in place for resolving commercial disputes. The foreign-direct-investment law, revised inpermits foreigners to invest in all sectors of the economy, except for specific activities contained in a "negative list," currently three industrial sectors and 13 service sectors.
The list includes real-estate investment in Mecca and Medina, some subsectors in printing and publishing, audiovisual and media services, land-transportation services excluding inter-city transport by trains, and upstream petroleum. The Saudi Arabian General Investment Authority SAGIA periodically reviews the list of activities excluded from foreign investment and submits its reviews to the Supreme Economic Council for approval.
Although these sectors are off-limits to percent foreign investment, foreign minority ownership in joint ventures with Saudi partners may be allowed in some sectors.
Foreign investors are no longer required to take local partners in many sectors and may own real estate for company activities. They are allowed to transfer money from their enterprises outside of the country and can sponsor foreign employees. In Aprilthe Council of Ministers established SAGIA to provide information and assistance to foreign investors and to foster investment opportunities in energy, transportation, and knowledge-based industries see www.
SAGIA operates under the umbrella of the Supreme Economic Council and is headed by Acting Governor HRH Khaled Al-Faisal.
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SAGIA's duties include formulating government policies regarding investment activities, proposing plans and regulations to enhance the investment climate in the country, and evaluating and licensing investment proposals.
All foreign investment projects must obtain a license from SAGIA. Investments in specific sectors may require additional licenses from other government authorities, including, but not limited to, the Saudi Arabian Monetary Agency SAMAthe Capital Market Authority CMAor the Communications and Information Technology Commission CITC.
The ISC must grant or refuse a license within 30 days of receiving an application and supporting documentation from the prospective investor. SAGIA is currently working to re-engineer its licensing process and hopes to have it all online by March Licenses in services and agriculture must be renewed after one year and in industry after two years.
SAGIA has agreements with various SAG agencies and ministries to facilitate and streamline foreign investment. These agreements permit SAGIA to facilitate the granting of visas, establish SAGIA branch offices at Saudi embassies in different countries, prolong tariff exemptions on imported raw materials to three years and on production and manufacturing equipment to two years, and establish commercial courts.
SAGIA opened a Women's Investment Center in spring To make it easier for businesspeople to visit the Kingdom, SAGIA can sponsor visa requests directly, without involving a local company. Saudi Arabia has also begun to implement a decree stating that sponsorship is no longer required for certain business visas. While SAGIA has set up the infrastructure to support foreign investment, however, many report that the process remains cumbersome and time-consuming.
Pursuant to commitments it made when acceding to the WTO, Saudi Arabia has opened additional service markets to foreign investment, including financial and banking services, maintenance and repair of aircraft and computer reservation systems, wholesale, retail, and franchise distribution services, both basic and value-added telecom services, and investment in the computer and related services sectors. In addition to the majority-government-owned Saudi Arabian Basic Industries Corporation SABICprivate investment companies, such as the National Industrialization Company, the Saudi Venture Capital Group, and the Saudi Industrial Development Company, have also become increasingly active in project development and in seeking out foreign joint-venture partners.
The Saudi Industrial Development Fund SIDFan independent entity within the Ministry of Finance, is an important source of financing for investors. The main objective of the SIDF is to support the development of the private industrial sector by extending medium- to long-term loans for the establishment of new factories and the expansion, upgrading, and modernization of existing ones.
Loans are provided for a maximum term of 15 to 20 years, again depending on the region, with repayment schedules designed to match projected cash flows for the project in question. There is no prohibition on foreign investment in refining and petrochemical development, and there is significant foreign investment in the downstream Saudi energy sector. ExxonMobil, Chevron Texaco, and Shell, as well as several other international investors, have formed joint ventures with SABIC to build large-scale petrochemical plants that utilize natural-gas feedstock from Saudi Aramco's existing operations at Ras Tanura.
Joint ventures almost always take the form of limited-liability partnerships, to which there are some disadvantages. Foreign partners in service and contracting ventures organized as limited-liability partnerships must pay, in cash or in kind, percent of their contribution to authorized capital.
SAGIA's authorization is only the first step for setting up such a partnership. Professionals, including architects, consultants, and consulting engineers, are required to register with, and be certified by, the Ministry of Commerce and Industry, in accordance with the requirements defined in the Ministry's Resolution from These regulations, in theory, permit the registration of Saudi-foreign joint-venture consulting firms.
As part of its WTO accession commitments, Saudi Arabia generally allows consulting firms to establish an office in Saudi Arabia without a Saudi partner. Inthe Supreme Economic Council announced the approval of a privatization strategy and procedures, open to domestic and foreign investors, and a timetable to transfer certain public services to the private sector. Twenty state-owned companies handling water supply and drainage, water desalination, telecommunications, mining, power, air transportation and related services, railways, some sectors of roadways, postal services, flour mills and silos, seaport services, industrial-cities services, government hotels, sports clubs, some municipality services, educational services, social services, agricultural services, health services, government portions of SABIC, banks, and local refineries were slated for privatization.
While this is a welcome step toward more balanced treatment of foreign and Saudi-owned capital, the tax structure still favors Saudi companies and joint ventures with Saudi participation. Saudi investors do not pay corporate income tax, but are subject to a 2. There are no restrictions on converting and transferring funds associated with an investment including remittances of investment capital, earnings, loan repayments, and lease payments into a freely usable currency at a legal market-clearing rate.
There have been no recent changes, but press reports have quoted the Minister of Labor as saying the SAG intends to limit remittances by foreign workers in the near future. There are no delays in effect for remitting investment returns such as dividends, repatriation of capital, interest and principal on private foreign debt, lease payments, royalties and management fees through normal legal channels.
There is no need for a legal parallel market for investor remittances. There is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, returns on intellectual property, or imported inputs, with the exception that bulk cash shipments greater than 60, riyals must be declared at the point of entry or exit. Sincewhen the last devaluation occurred, the official exchange rate has been 3. Transactions occur using rates very close to the official rate.
The Embassy is not aware of the SAG ever expropriating property. There have been no expropriating actions in the recent past or policy shifts that would lead the Embassy to believe there may be such actions in the near future. Saudi commercial law is still developing. In the Kingdom joined the New York Convention of on the Recognition and Enforcement of Foreign Arbitral Awards.
Saudi Arabia is also a member of the International Center for the Settlement of Investment Disputes also known as the Washington Convention. However, dispute settlement in Saudi Arabia continues to be time-consuming and uncertain.
Even after a decision is reached in a dispute, effective enforcement of the judgment can still take years. The Embassy suggests that American firms investing in Saudi Arabia include in contracts a foreign-arbitration clause but advises that such clauses are not allowed in government contracts without a decision by the Saudi Council of Ministers.
Saudi litigants have an advantage over foreign parties in almost any investment dispute because of their first-hand knowledge of Saudi law and culture and the dispute settlement process, as well as a perceived tendency of authorities to favor local parties in a dispute.
Foreign partners involved in a dispute typically find it advisable to hire local attorneys with knowledge of Saudi legal practices.
Many Saudi attorneys, in turn, retain non-Saudi and particularly American lawyers to facilitate the handling of disputes involving foreign investors. The Saudi legal system is derived from the legal rules of Islam known as the Shari'a.
The Ministry of Justice oversees the Shari'a-based judicial system, but most ministries have committees to rule on matters under their jurisdiction. Many disputes that would be handled in a court in the U. Generally, the Saudi Board of Grievances has jurisdiction over disputes with the government and over rune easy way to make money disputes.
This review process can take years, and outcomes are unpredictable. The Council of Ministers is currently reviewing a draft of a new arbitration law, but the Embassy is not yet aware of its contents. In several cases, disputes have caused serious problems for foreign investors. For instance, Saudi partners have blocked foreigners' access to exit visas, forcing them to remain in Saudi Arabia against their will.
In cases of alleged fraud, foreign partners may also be jailed to prevent their departure from the country while awaiting police investigation or adjudication of the case. Courts can impose precautionary restraint on personal property pending the adjudication of a commercial dispute. As with any investment abroad, it is important that U.
The Committee for Labor Disputes under the Ministry of Labor and the Forex akku software for Tax Matters under the Negotiable Instruments Committee, also called the Commercial Paper Committee handle disputes involving private individuals.
The Ministry of Finance has jurisdiction over disputes involving letters of credit and checks, while SAMA's Banking Disputes Committee adjudicates disputes between bankers and their clients.
Judgments of foreign courts are not consistently enforced by Saudi courts, despite Saudi Arabia's signature of the New York Convention. Monetary judgments are based on the terms of the contract—i. If unspecified, the judgment is denominated in Saudi riyals.
Non-material damages and interest are not included in monetary judgments. The decree established two Supreme Courts, a general court and an administrative court, as well as specialized labor and commercial tribunals. To date, few of the changes have been implemented, although the SAG has disbursed a portion of the funds allocated in for constructing new appeals courts and sending judges abroad for legal seminars.
Forex trading in sri lanka earlySaudi Arabia started the process of codifying the Shari'a regulations that govern the Kingdom's courts in saudi arabia stock market index chart effort to bring clarity and uniformity to judicial rulings.
A bankruptcy law was enacted by Royal Decree no. Articles contained in the law allow double in a day forex system to conclude financial settlements with their creditors through committees in each municipal or regional Chamber of Commerce and Industry or through the Board of Grievances.
Designated as the Regulation on Bankruptcy Protective Settlement, the law is open to ordinary creditors, except in the case of debts of expenditures, privileged debts, and debts which arise pursuant to the settlement procedures. Investors are not currently required to purchase from local sources or export a certain percentage of output and their access to foreign exchange is unlimited. There is no requirement that the share of foreign equity be reduced over time. Investors are not required to disclose proprietary information to the SAG as part of the regulatory approval process, except where issues of health and safety are concerned.
The Government does not impose conditions on investment such as locating in a specific geographic area, a specific percentage of local content or local equity, substitution for imports, export requirements or targets, or financing only by local sources. Nonetheless, the SIDF will provide additional incentives and better loan terms to foreign investors who set up their manufacturing facilities in Jizan, Hail, and Tabuk.
To date, the SAG has not notified the WTO of any measures inconsistent with the requirements of the Agreement on Trade-Related Investment Measures TRIMsnor does it maintain any measures that are alleged to violate the WTO TRIMs text. The SAG announced in chrysler stock market tickers symbols would ease restrictions on the issuance of visas to foreign businessmen to allow greater access and decreed in that sponsor requirements for business visas would be lifted.
In NovemberSaudi Arabia announced that it would begin issuing business visitors five-year, multiple-entry visas at Saudi embassies, consulates, and ports of entry, but has not yet fully implemented this policy. Though also not yet fully implemented, the government announced that foreign business visitors will no longer need to provide invitation letters from Saudi businesses to receive visas.
Private entities generally have the right to establish, acquire, and dispose of interests freely in business enterprises. Forex sgd to usd Saudi legal system protects and facilitates acquisition and disposition of private property, consistent with Islamic practice respecting private property.
Non-Saudi corporate entities are allowed to purchase real estate in Saudi Arabia according to the foreign-investment code. Other foreign-owned corporate and personal property is protected, and the Embassy knows of no cases of government expropriation or nationalization of U. Saudi Arabia does have a system of recording security interests.
Saudi Arabia recently undertook a comprehensive revision of its laws covering intellectual property rights to bring them in line with the WTO agreement on B o s s binary options robot 2016 Related Aspects of Intellectual Property Rights TRIPs and promulgated changes in coordination with the World Intellectual Property Organization WIPO.
The SAG updated its Trademark LawCopyright Lawand Patent Law with the dual goals of TRIPs compliance and effective deterrence. Inthe Violations Review Committee created a website and has populated it with information on current cases. The current Law on Patents, Layout Designs of Integrated Circuits, Plant Varieties and Industrial Designs has been in make money legitimately since September The patent office continues to build its capacity through training, has streamlined its procedures, hired more staff, and reduced its backlog.
Patents are available for both products and processes. The term of protection was increased from 15 to 20 years under the new law, but patent holders can no longer apply for a routinely granted five-year extension.
In Decemberthe Saudi Council of Ministers approved the Kingdom's accession to both the Intellectual Property Owners Association Patent Cooperation Treaty PCT and its Implementing Regulations and the Patent Law Treaty PLT adopted by the Diplomatic Conference in Geneva on June 1, In Septemberthe King approved a mechanism to protect Exclusive Marketing Rights EMR for certain pharmaceutical products that had lost patent protection when Saudi Arabia transitioned to a new TRIPS-compliant patent law in EMR protection in Saudi Arabia expires on the same date the patent expires in the United States or the European Union and companies report that they have received EMR protection for accepted applications.
The SAG has revised its Copyright Law and is seeking to impose stricter penalties on copyright violators. In Januarythe Ministry of Culture and Information referred the first-ever copyright-violation case to the Board of Grievances for deterrent sentencing.
However, as best nse stocks for intraday trading this writing, no verdict has been handed down. The SAG has stepped up efforts to force pirated printed material, recorded music, videos, data entry jobs from home jodhpur software off the shelves of stores, including raids on shops selling pirated goods.
However, many pirated materials are still available in the marketplace, increasing possible cyber-security vulnerability in some systems. An Islamic religious edict, or fatwa, stating that software piracy is fx empire binary options backs enforcement efforts. USTR removed Saudi Arabia from the Special Watch List in early after an out-of-cycle review. The Rules for Protection of Trade Secrets came into effect in Trademarks are protected under the Trademark Law.
Saudi Arabia has one of the best trademarks laws in the region, and the Saudi Customs Authority has significantly stepped up its enforcement efforts.
Saudi Arabia received anti-counterfeiting and piracy awards from the World Customs Organization WCO in for organizing the first Saudi arabia stock market index chart conference on this issue, building the capacity of the Customs Authority, and translating WCO documents into Arabic. Saudi Arabia has not signed or ratified the WIPO internet treaties.
There are few aspects of the SAG's regulatory system that are transparent, although Saudi investment policy is less opaque than many other areas. Saudi tax and labor laws and policies tend to favor technology transfer and the employment of Saudis rather forex apakah halal fostering competition.
Saudi health and safety laws and policies are not used to distort or impede the efficient mobilization and allocation of investments. Bureaucratic procedures are cumbersome, but red tape can generally be overcome with persistence.
There are no informal regulatory processes managed by NGOs or private-sector associations. Proposed laws and regulations are generally not published in draft form for public comment.
Some government agencies permit public comments through their websites, but companies other than state-owned enterprises rarely have an opportunity to comment on proposed regulations. There are no private-sector or government efforts to restrict foreign participation in the industry standards-setting consortia or organizations that are available. Saudi Arabia has generally free and open financial markets, although non-GCC foreign investors may only invest in the stock market through swap agreements and exchange-traded funds.
Financial policies generally facilitate the free flow of private capital, and currency can be transferred in and out of Saudi Arabia without restriction with the exception of previously mentioned limits on bulk cash movements. The Capital Markets Law, passed inallows for brokerages, asset managers, and other non-bank financial intermediaries to operate in the Kingdom.
The law created a market regulator, the Capital Market Authority, which was established inand opened the stock exchange to public investment. As of the end ofthe CMA listed 85 companies licensed to work in financial advising and brokerage services in Saudi Arabia.
There is an effective regulatory system governing portfolio investment in Saudi Arabia. InSAMA, the central bank, enhanced and updated its Circular on Guidelines for the Prevention of Money Laundering and Terrorist Financing.
The enhanced guidelines are more compliant with the Banking Control Law, the Financial Action Task Force FATF 40 Recommendations, the nine Special Recommendations on Terrorist Financing, and relevant UN Security Council Resolutions.
Historically, credit was widely available to both Saudi and foreign entities from commercial banks and was allocated on market terms.
Credit became somewhat more available inbut extraordinary public spending lessened the demand for private lending. In addition to large-scale supplemental programs, credit is available from several government institutions, such as the SIDF, which allocate credit based on government-set criteria rather than market conditions. Companies must have a legal presence in Saudi Arabia in order to qualify for credit. The private sector has access to term loans, but there is no true corporate bond market.
IPOs were few inas the Saudi exchange continued to trade at a low level, with volumes a fraction of what they were before the financial crisis. As part of the economic reforms initiated for accession to the WTO, Saudi Arabia liberalized licensing requirements for foreign investment in the financial services.
In the last few years, the SAG has taken steps to increase foreign participation in its banking sector by granting operating licenses to foreign banks. As ofSAMA had granted eleven foreign banks licenses to operate in the Kingdom: BNP Paribas, Deutsche Bank, Emirates Bank, Gulf International Bank, J. Morgan, Muscat Bank, National Bank of Bahrain, National Bank of Kuwait, National Bank of Pakistan, State Bank of India, and T.
The legal, regulatory, and accounting systems practiced in the banking sector are generally transparent and consistent with international norms. SAMA, which oversees and regulates the banking system, generally gets high marks for its prudent oversight of commercial banks in Saudi Arabia. SAMA is the only central bank in the Middle East other than Israel's that is a member and shareholder of the Bank for International Settlements in Basel, Switzerland.
State-owned enterprises SOEs play a leading role in the Saudi economy, particularly in water, power, oil, natural gas, and petrochemicals. The SAG tends to be similarly well represented in the leadership of other SOEs. State-owned Saudi Arabian Airlines SAUDIA competes against Nas Air, a private, low-cost carrier, but enjoys substantial discounts on aviation fuel.
The Embassy is not aware of SOEs expressly exercising delegated governmental powers, though they are heavily involved in policy consultations.
SOEs benefit from subsidized water, power, and feedstock and often receive free land from the SAG. Generally, private industries also get water, power, and feedstock at subsidized prices, and the SAG often gives land as part of public-private partnerships, but fully private enterprises do not typically receive free land unless as part of a SAG effort to stimulate specific sectors. In principle, credit is equally available to private companies and SOEs.
The Embassy does not believe that Saudi SOEs operate, in practice, under hard budget constraints. The detail and regularity of financial reporting by SOEs vary and do not consistently meet international financial reporting standards.
There is a dawning awareness of corporate social responsibility CSR in Saudi Arabia. The results lead to the granting of the King Khalid Responsible Competitiveness Award in several categories at the annual Global Competitiveness Forum.
Sixty-five companies participated in the SARCI in The Embassy believes the SAG and major corporations to be fully aware of CSR but does not believe CSR currently has a broad impact on consumer perception.
The Department of State authorized the return of all family members to U. Consulate General Jeddah, and U. Consulate General Dhahran in but continues to warn U.
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In the most recent Travel Warning for Saudi Arabia, the Department of State urges U. The last major terrorist incident directed against the civilian population was an attack against French nationals in Significant enhancements in the capacity and capability of Saudi security and intelligence forces have greatly improved the security environment, but it is important to note that there is an ongoing security threat.
Saudi Arabia has some limited legislation aimed at curbing corruption. The Tenders Law of Saudi Arabia, approved inhas improved transparency of government procurement through publication of tenders.
Further, ministers and other senior government officials appointed by royal decree are forbidden from engaging in business activities with their ministry or organization while employed there.
There are few cases of prominent citizens or government officials being tried on corruption charges. Despite the fact that corruption has been identified by foreign firms as an obstacle to investment in Saudi Arabia, authorities have so far taken only modest steps toward combating it. In Aprilthe King established the National Authority for Combating Corruption that was to report directly to him, but there was little, if any, follow-through to establish this institution.
The General Auditing Bureau is also charged with combating corruption. Inthe King reconstituted the Authority as the Anti-corruption Commission under new and more energetic leadership. Although little of its work has so far been publicized, anecdotal evidence suggests the Commission has been active in its investigations and is not shying away from influential players whose indiscretions may previously have been ignored.
While Saudi Arabia has not ratified the U. Convention against Corruption UNCACit signed on to the G Anti-Corruption Action Plan ACAP in November This ranking is a reflection of public trust in the SAG's ability to manage public funds and the economy as a whole by a population that enjoys some of the lowest taxes in the world.
The Kingdom has cooperation agreements of varying scope with 36 countries, including an agreement on secured private investment with the U. SAGIA lists no existing agreements on avoidance of double taxation. Further information on the above, and on miscellaneous additional agreements, can be found at http: Saudi Arabia has been a member of the Multilateral Investment Guarantee Agency since April In general, the government encourages recruitment of Muslim workers, either from Muslim countries or from countries with sizable Muslim populations.
The largest groups of foreign workers now come from Bangladesh, Egypt, India, Pakistan, the Philippines, and Yemen. Beginning with the Labor and Workman Regulations, Saudi Arabia has pursued a number of localization schemes to combat unemployment among Saudis, which the CIA World Factbook put at Enforcement was inconsistent, as the SAG largely ignored violations by influential business owners and lacked resources to conduct sufficient inspections elsewhere, as a majority of firms were unable to meet the unreasonable requirements.
Inhowever, the Ministry of Labor laid out a more sophisticated plan known as Nitaqat, under which companies are divided into 41 sectors, each with a different quota for Saudi employment. Each of the 41 sectors is subdivided into four strata based on actual percentage of Saudi employees, with platinum and green strata for companies meeting or exceeding the quota and yellow and red strata for those failing to meet it.
Expatriate employees in red and yellow companies can move freely to green or platinum companies, without the approval of their current employers, and green and platinum companies have greater privileges with regard to securing and renewing work permits for expatriates. It is too early to evaluate the success of Nitaqat, but leaders in the public and private sectors believe it to be the most sensible approach yet taken to localization of the workforce and are confident it will be thoroughly and evenly enforced.
Saudi labor law forbids union activity, strikes, and collective bargaining. However, the Government allows companies that employ more than Saudis to form "labor committees.
Domestic workers are not covered under the provisions of the latest labor law, issued in The Saudi Majlis al-Shura, a consultative assembly with a role in the legislative process, has proposed a law covering domestic workers, which is now with the King and the Council of Ministers for review. Overtime is normally compensated at time-and-a-half rates.
Learn to Daytrade - German Dax Stock Index Day Trading - chart, piece by piece analysisThe minimum age for employment is The SAG does not adhere to the International Labor Organization's ILO convention protecting workers' rights. A July decree addresses some workers'-rights issues for non-Saudis, and the Ministry of Labor has begun taking employers to the Board of Grievances.
Saudi Arabia does not currently have duty-free import zones or free ports but does permit transshipment of goods through its ports in Jeddah and Dammam.
Saudi Arabia is a member of the Gulf Cooperation Council GCCwhich confers special trade and investment privileges among the six member states Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Saudi Arabia is also a member of the Arab Free Trade Zone established in Figures provided in this section are taken from United Nations Conference on Trade and Development's "World Investment Report Country Fact Sheet.
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Bureau of Economic and Business Affairs. Expropriation and Compensation The Embassy is not aware of the SAG ever expropriating property. Dispute Settlement Saudi commercial law is still developing. Performance Requirements and Incentives Investors are not currently required to purchase from local sources or export a certain percentage of output and their access to foreign exchange is unlimited. Protection of Property Rights The Saudi legal system protects and facilitates acquisition and disposition of private property, consistent with Islamic practice respecting private property.
Transparency of Regulatory System There are few aspects of the SAG's regulatory system that are transparent, although Saudi investment policy is less opaque than many other areas.
Efficient Capital Markets and Portfolio Investment Saudi Arabia has generally free and open financial markets, although non-GCC foreign investors may only invest in the stock market through swap agreements and exchange-traded funds.
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Competition from State-Owned Enterprises State-owned enterprises SOEs play a leading role in the Saudi economy, particularly in water, power, oil, natural gas, and petrochemicals. Corporate Social Responsibility There is a dawning awareness of corporate social responsibility CSR in Saudi Arabia. Political Violence The Department of State authorized the return of all family members to U. Corruption Saudi Arabia has some limited legislation aimed at curbing corruption. Foreign Direct Investment Statistics Figures provided in this section are taken from United Nations Conference on Trade and Development's "World Investment Report Country Fact Sheet.
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