Parliament Discusses the New Investment Law Draft and Refers It to a Special Committee

Investment Magazine / Special

On Tuesday, December 3, 2024, the Parliament held an extensive discussion on the new Investment Law draft submitted by the government last week. The draft was referred to a special committee for further review and consideration before its final approval.

According to Investment Magazine, members of the Parliament emphasized during the discussions the importance of ensuring that the new law contributes to the establishment of a diverse and sustainable national economy. They stressed the need to focus on supporting and nurturing small and micro-projects, boosting community-driven investment projects, and encouraging the development of multi-source electricity generation projects, considering them essential for economic development.

The members also highlighted the importance of promoting the localization of national industries that rely on locally sourced production inputs, particularly agricultural inputs. They underlined the need to protect domestic production, strengthen and expand national exports, and improve the balance of payments.

Furthermore, the parliamentarians called for creating an attractive and stimulating investment environment, encouraging national capital to participate in various sectors of development. They also stressed the importance of regulating investment areas and ensuring that necessary facilities and incentives are provided to encourage national capital to play an active role in diverse investment fields, while addressing existing obstacles.

After a thorough debate, the Parliament approved referring the law draft to a special committee composed of members from the Committees on Oil and Minerals, Finance, and Industry and Trade, headed by Deputy Speaker Abdul Rahman Al-Jama’i.

The session also included a memorandum from the Prime Minister of the Change and Building government, addressed to the Speaker of Parliament, requesting approval to withdraw a previous investment law draft that had been submitted to the Parliament earlier. The request was approved by the Parliament.