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   Top Saudi Arabia Business News     

Some economic activities excluded from private investment
Riyadh, 13 November 2000
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

Saudi Aramco's first unleaded gasoline station opened

Dhahran, 13 November 2000
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

Saudi imports decline by 2.4 per cent

Riyadh, 12 November 2000
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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 June 28, 2001 15:35:15