RIYADH: A new business visa for investors has been announced by Saudi Arabia as part of the Kingdom’s drive to attract foreign funding into the economy. The “visiting investor” visa is being launched by Saudi Arabia’s Ministry of Investment, which worked closely with the Kingdom’s Foreign Affairs department to develop the new permit. Saudi Arabia has demonstrated a keen interest in streamlining the process for investors and international companies looking to expand their portfolios within the Kingdom, as part of the Vision 2030 initiative to diversify the economy away from oil. “The launch of the visiting investor business visa service comes within the framework of the success of cooperation and integration of efforts between the Ministries of Foreign Affairs and Investment,” Khalid Al-Falih, minister of investment, said in a tweet. He further noted that the Ministry of Foreign Affairs backs the efforts of the Ministry of Investment in simplifying the process for investors interested in discovering business opportunities in the Kingdom. “I thank His Highness the Minister and the brothers in the Ministry of Foreign Affairs for supporting the efforts of the Ministry of Investment to facilitate the journey of the investor wishing to learn about the environment and investment opportunities in the Kingdom,” Al-Falih added. Foreign investments in Saudi Arabia rose by 2 percent in 2022 to SR2.4 trillion ($640 billion), up from SR2.36 trillion in 2021, according to the Saudi Central Bank, also known as SAMA. SAMA’s report indicated that foreign direct investments constituted 42 percent of the total inflow of international funds into the Kingdom, amounting to SR1.01 trillion. In March, Al-Falih indicated that multinational companies moving their headquarters to Saudi Arabia in 2023 to secure government contracts might be eligible for tax exemptions. The Kingdom’s industrial sector is among several witnessing a significant influx of foreign investments, which comprise 37 percent of the industry’s total funding.