RIYADH, Aug. 11 (Xinhua) -- Saudi Arabia has approved an updated investment law to attract foreign investors, said the country's investment ministry on Sunday.

The updated law consolidates several existing freedoms and rights, providing investors with greater transparency, flexibility, and confidence, Saudi Investment Minister Khalid Al-Falih said in a statement.

It will enhance investor rights by guaranteeing the rule of law, fair treatment, property rights, intellectual property protection, and the freedom to manage investments and seamless fund transfers, said the statement.

Under the new law, foreign investor licenses will also be replaced with a "simplified" registration process, and new service centers will be introduced to expedite government transactions and investment procedures.

The revised law aims to "create a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom's position as a premier global investment destination," said the minister. Enditem

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