As the gambling industry continues to evolve and adapt to new regulations and restrictions, the Kingdom of Saudi Arabia is making it clear that they are committed to continuing their reforms in the sector. The new chairman of the Saudi Arabian General Investment Authority (SAGIA), Fahad Al-Rasheed, has recently stated that he plans to prioritize continuity in the country’s gambling reforms in order to attract more investment and create a more competitive market.
Al-Rasheed, who was appointed as chairman of SAGIA in August, has been a strong advocate for modernizing the gambling industry in Saudi Arabia. In a recent interview with Focus Gaming News, he emphasized the importance of creating a fair and transparent regulatory framework that encourages investment and growth in the sector.
“We believe that a modern and well-regulated gambling industry is essential for attracting investment and promoting economic growth in Saudi Arabia,” Al-Rasheed said. “We are committed to continuing our reforms in the sector to ensure that we create a competitive market that benefits both investors and consumers.”
One of the key reforms that Al-Rasheed has been focusing on is the legalization of online gambling in Saudi Arabia. Currently, online gambling is illegal in the country, but Al-Rasheed believes that allowing online operators to enter the market could help to create a more diverse and innovative industry.
“We see online gambling as a key area for growth in the industry, and we are working to create a regulatory framework that will allow online operators to enter the market in a responsible and sustainable way,” Al-Rasheed explained. “We believe that opening up the market to online operators will help to attract more investment and create new opportunities for consumers.”
In addition to online gambling, Al-Rasheed is also looking to update and streamline the licensing process for traditional gambling operators in Saudi Arabia. He believes that simplifying the licensing process will make it easier for operators to enter the market and will help to create a more competitive industry.
“We are working to create a streamlined and transparent licensing process that will make it easier for operators to enter the market and operate in a compliant manner,” Al-Rasheed said. “We believe that simplifying the licensing process will help to attract more operators and create a more dynamic and competitive industry.”
Overall, Al-Rasheed’s focus on continuity in gambling reforms signals a positive step for the gambling industry in Saudi Arabia. By creating a fair and transparent regulatory framework, updating the licensing process, and legalizing online gambling, Al-Rasheed is paving the way for a more competitive and innovative industry that will benefit both investors and consumers.
