The General Investment Authority adopts the International Standard Industrial Classification
The International Standard Industrial Classification of All Economic Activities is a United-Nations system for classifying economic data, and the International Standard Industrial Classification of All Economic Activities is used on a large scale at the national and international levels in data classification, according to the common economic activity type in the production, employment and GDP fields, and in other statistical fields. The International Standard Industrial Classification of All Economic Activities is an essential tool for studying the economic phenomenon and the comparability of the international data and also to provide guidance for the development of national classifications, and promote the development of acceptable national statistical systems.
“The main purpose of this classification is to provide a range of departments, groups, branches and categories of activities that can be used for the collection and dissemination of statistics, according to the activities”. The classification of economic activities is defined as a method, through which the counting units can be grouped according to a serial order determined by homogeneous groups; in order to create a general framework for comparison between the statistical data on the local, regional and international levels; as the economic activity data is divided, according to the manual prepared for this purpose, into specific grades in a manner where the characteristics of the classified economic activities are similar in a single grade, and this similarity is present in the type of produced goods and services and their use, the relevant services, the intermediate inputs, the used technology and the financing methods.
Main Objectives for the Application of the International Standard Industrial Classification:
The criteria of the International Standard Industrial Classification of All Economic Activities will be applied on all the foreign investments involved in the Saudi market; as it will be applied to the modern companies only. As for companies that have already issued foreign investment licenses before the application of the International Standard Industrial Classification criteria, these criteria will not be applicable to them, and they will work according to the previously licensed activities.
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