The New Investment Law introduces several important reforms aimed at enhancing the investment landscape in Saudi Arabia:

1. Re-evaluation of Foreign Investment Restrictions: The Law mandates a review of existing limitations on foreign investment and ensures equal treatment for domestic and foreign investors, with a mechanism for case-by-case applications for restricted activities.
2. Enhanced Investor Protections: It reaffirms the right to repatriate funds and provides protection against expropriation, while also guaranteeing equal treatment for local and foreign investors. Additional protections for intellectual property and trade secrets are included, along with streamlined administrative procedures and government support.
3. Incentives for Targeted Sectors: The Law anticipates offering incentives, such as tax and regulatory exemptions, to attract investment in specific sectors based on defined objectives and eligibility criteria.
4. Simplified Licensing Process: The existing foreign investment licensing process will be replaced with a more simplified registration procedure to reduce bureaucratic barriers.
5. New Penalty Regime: A differentiated penalty system will address serious and less serious violations, allowing investors to avoid penalties for minor violations by responding to warnings.
6. Alternative Dispute Resolution Mechanisms: The Law enables investors to utilize alternative dispute resolution methods, including arbitration and mediation, to resolve conflicts.

The specific implementation details of the Investment Law, including which activities will remain restricted for foreign investment, the mechanics of the new registration process, and the types of incentives that will be offered, will be clarified once the Implementing Regulations are issued.

Overall, the Investment Law represents a significant development that could help Saudi Arabia in achieving its goal of increasing both domestic and foreign investment over the next decade.