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ARTICLE · 15 AUGUST 2018

Update On Roll Out Of New ISIC Classification In Saudi Arabia

Clyde & Co
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On 15 April we wrote about how the government authorities in the Kingdom of Saudi Arabia are collectively working on improving the investment environment by applying international commercial standards...

Saudi ArabiaGovernment, Public Sector
Alain Sfeir
Alain Sfeir
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On 15 April we wrote about how the government authorities in the Kingdom of Saudi Arabia are collectively working on improving the investment environment by applying international commercial standards, in particular the adoption of International Standard Industrial Classification (ISIC) of all economic activities for the issuance of Foreign Investment Licenses (see Related Content below). This article provides an update on the progress of the new standards and what it means for organisations operating in the Kingdom.

Foreign entities with one FIL including different types of services/activities will be urged to consider restructuring their presence in KSA

Since it was published in January, the ISIC means foreign entities wishing to invest in KSA have to comply with the ISIC classification when applying for new Foreign Investment Licences (FIL). Recently the Saudi Arabian General Investment Authority (SAGIA) has started applying the ISIC on the existing FIL which

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