Riyadh: Crown Prince Abdullah announces reforms to encourage foreign investment

Saudi Crown Prince Abdullah Bin Abdul Aziz has announced reforms to Saudi economic regulations with the objective of encouraging foreign investments. This was expressed in statements quoted on Wednesday by the Saudi news agency.

The Saudi crown prince, who was talking on Tuesday in al-Madina al-Munawarra during the inauguration of water and electricity projects, stressed that the "privatization policy is considered a strategic choice to establish a solid economy based on strengthening the role played by the private sector and its initiatives in meeting the needs of society."

The Saudi crown prince figured out that economic reforms will give foreign investors the right to "own real estate in meeting the requirement of the local market."