Riyadh, Jumada II 10, 1439, February 26, 2018, SPA -- The Saudi Arabian General Investment Authority (SAGIA) has extended the foreign investment licensing for five renewable years, and gave the investor the chance to reduce the licensing duration to a minimum one year. The Governor Undersecretary of SAGIA for Investors' Services and Consultations Ibrahim bin Saleh Al-Suwaiyel assured that this procedure is set to motivate leading international companies to pump more investments in accordance with the Saudi Vision 2030, and enhance the competitiveness of the investment environment in the Kingdom to make it more attractable for foreign investments. He lauded the recent measures as regards the issuing, amending or renewing of licenses, mitigating the difficulties once facing investors, citing a current four hours procedure instead of the previous two-day duration to finalize a license at SAGIA. --SPA 17:42 LOCAL TIME 14:42 GMT www.spa.gov.sa/w623817