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Some economic activities
excluded from private investment
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Riyadh, 13 November 2000
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At its meeting last Sunday, the Board of
Directors of the General Investment Authority (GIA) adopted a list of
economic activities excluded from private investment in the Kingdom.
Prince Abdullah bin Faisal bin Turki,
Governor of GIA, who chaired the board meeting, said the exclusion
list which has been adopted and submitted to the Supreme Economic
Council (SEC) is not intended to be a rigid or final one. Rather it is
flexible one that can be amended in accordance with the country's
needs and economic conditions. The list has been exhaustively
discussed with the other government bodies as well as private sector
organizations.
Prince Abdullah said: “We don't
want to put too many restrictions on investment in the Kingdom. We
have studies that show the next ten years will witness flourishing
investments. The exemptions from private investment will be kept to
the minimum.”
Prince Abdullah bin Faisal said
exemptions in the industrial area would be limited to small fields,
such as the manufacturing of prohibited materials, military equipment,
explosives and other military and security related materials. In all
other industries, investment is allowed for all without restriction,
he stressed.
He said the GIA tries hard to remove
all obstacles to Saudi and foreign investors, and several steps have
been taken in this regard. To facilitate procedures and to remove
snags quickly, the GIA has set up one-stop shops in Riyadh, Dammam and
Jeddah. In four-week’s time, the shops will be connected via
computer with the relevant government departments. This will save much
of the investor’s time, he added.
Source: SPA
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Saudi
Aramco's first unleaded gasoline station opened
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Dhahran, 13 November 2000
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Saudi Arabian Oil Company President and
Chief Executive Officer (CEO) Abdullah S Jumah has inaugurated in the
central province Saudi Aramco’s first unleaded gasoline station and
has also filled the first car with unleaded fuel, marking a new era in
the Kingdom's petroleum industry, according to company headquarters
here.
The unleaded gasoline station, which
replaces an older facility, is the first in the Kingdom to use Saudi
Aramco's new logo. It will help to determine the design of future gas
stations to be built by Saudi Aramco.
Unleaded gasoline will be introduced
Kingdom-wide on January 1, the Jeddah-based Arab News reported today.
The new gas station has two canopies, one for gasoline and another for
diesel. Currently only Saudi Aramco's vehicles can use this facility.
Source: SPA
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Saudi
imports decline by 2.4 per cent
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Riyadh, 12 November 2000
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The value of the Kingdom's imports in
the first half of 2000 reached SR53,318 million, according to the
General Statistics Authority of the Ministry of Planning. This
represented a decrease of SR1,318 million or 2.4 percent compared to
the figure of the same period in 1999, the Authority’s report on the
imports during the first half of 2000 stated.
Imports included electrical
equipment, foodstuffs, cars, other transportation equipment and
chemical equipment, the report said.
Source: SPA
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