THE ROLE OF LEGAL FRAMEWORK IN ATTRACTING FOREIGN INVESTMENTS: THE CASE STUDY OF TOURISM SECTOR IN SAUDI ARABIA
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Abstract
This research paper uses Saudi Arabia as a case study to investigate how the legal framework affects the country's ability to draw foreign investments. Saudi Arabia, a country that depends heavily on oil, has accepted international investment in the travel industry. Due to its acceptance of significant international investments, Saudi Arabia has become a well-known travel destination, which has helped the country's economy. Since 2019, Saudi Arabia's legal structure has incorporated laws and an atmosphere that is conducive to tourism, and the number of visitors has been steadily increasing annually. Saudi Arabia's legal system guarantees the protection and safety of its visitors. To draw tourists, new resorts, sports facilities, playgrounds, movie theatres, and other amenities are constructed. In addition, this paper discusses regulations about travel, health insurance, and visas that have been implemented for visitors. Saudi Arabia has adapted its domestically more Islamic legal system to a more secular one for its visitors. In a nutshell, this study explores how Saudi Arabia's legal system supports the tourism sector, as well as the positives and negatives of this system and the significance of this framework for international investments in the kingdom.
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References
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