Saudia-Online the Net Gate to Saudi Arabia Market
Saudi Arabia Business News
Business Opportunities
Business Guide
Companies Directory
Corporate Websites
Currency Exchange
Saudi Arabia Events
Local News
Saudi Stocks
Monthly Economic Reports
Saudi Arabia Travel
Saudi Arabia Weather
Submit Press Release
Read Press Releases

Free Websites
 for Saudi companies and Establishment


for Foreign companies 
interested in exporting
to Saudi Arabia

Community Sign Up

Message Boards
Should women be in the army?

About Saudi Arabia
About us

Arabic cuisine
Arabic newspapers

Arabic radio and TV

Free downloads

Saudi Arabia ISP's

Science and Technology

Send us feedback


Traveling to Saudi Arabia

Phone Free

Top Saudi Arabia Business News


Foreign projects worth SR32b given licenses
Jeddah , 25th Jun 2001

  The Saudi Arabian General Investment Authority has so far licensed projects worth SR32 billion by foreign investors, according to its governor, Prince Abdullah ibn Faisal ibn Turki.

The authority is also considering proposals to shorten a list of investment sectors that are closed to foreign businessmen, he said. Known as the Negative List, it was released some six months ago and will be subject to revision after a year.

The list includes such sectors as oil exploration and production, manufacture of military equipment, military supplies, security services, wholesale and retail trade, real estate investment in the holy cities of Makkah and Madinah, printing, radio and television services, transport, pipelines, power distribution, fishing, and medical services such as nursing, physiotherapy, blood banks, quarantine and ambulance services. Both telecommunications and insurance have been removed from the list in compliance with decisions of the Shoura Council.

Speaking on Saudi Television Saturday evening, Prince Abdullah said the authority had already approached several departments over the matter. The list is now half way and during the next six months, it will put forward recommendations to further bring down the restricted areas for foreign investment, he said. “The Negative List covers areas that are closed to foreign investment. It is our responsibility to reduce the list .... We want to bring down the number of activities which are not open to foreigners,” said the prince.

Under the foreign investment law issued in April last year, foreign investors are allowed full ownership of their projects, they are free to transfer capital and profits, own property and their businesses are immune from any action unless under a court order.  Prince Abdullah said although GIA does not issue licenses to local investors, it nevertheless supports efforts aimed at securing business opportunities for them and in this capacity, it is responsible for following up the investment process in general.

He urged Saudi businessmen to invest in such areas as power generation and water desalination saying they provide huge opportunities. “We want to see large projects that are entirely and fully run by local investors,” the prince said.

On complaints by small and medium investors who act as local agents for international firms that the opening up of the market for international investment would lead their businesses into bankruptcy, Prince Abdullah said the wholesale and retail trade is included in the Negative List. This kind of business is subject to the dealership law, he added.  

Asked about the red tape in government departments as against the open-minded GIA, Prince Abdullah said bureaucracy was an international phenomenon. “This does not mean that GIA knows better than others but dealings with investors make us more aware of their concerns and priorities,” he said. “In the past, there were few foreign companies but now with the market becoming more open entry is more direct.”

He said GIA is closely cooperating with such bodies as the Supreme Economic Council and the Supreme Commission for Tourism and is serving as a bridge between investors and the government. “The authority is only offering services to investors and does not commit them to specific obligations. In future, it will search for investors and explain to them the opportunities available in the Kingdom,” the prince said. (AWB)

Source: Arab News©

Send Page To a Friend  

Starting Business with Saudi Arabia Use the Saudi Business Guide

Join the mailing list
Your Email Address:

Archives Section

Back to Business News


Free services in Saudia-Online
Free services

Free Websites for 
Saudi Arabia

Free services

Free Websites for Saudi companies and Establishment

Free services

Free Websites for
Saudi Arabia Travel
Agencies and Companies

Free services

Free Domain

Free services

List your Saudi
Arabia Company in
our Directory

Free services

Subscribe to our

Free services Jobs......
Post a job!

Job Openings

Free services

Advertise Free
Classifieds section. 

Free services

Gift Reminder

Free services


Get Stock Quote: Enter Symbol(s)

Symbol Lookup
My Portfolio
Our Privacy Vow 


Make Saudia-Online My Start Page  -  Bookmark Saudia-Online
Contact Us -  Advertising Info -  About Us -  Terms Of Service -  Add My Site -  Privacy Policy 

© 1999-2000-2001 by Horizon for Commercial Development Co., Ltd, All rights reserved.
  Saudia-Online,Malls2Save,JeddahMalls,RiyadhMalls,RiyadhShops,SaudiMade,Travel2Saudi and HDC are  trademarks of Horizon for Commercial Development Co. Ltd.  P.O. Box 14657, Jeddah 21434, Saudi Arabia
 Telephone 00966-2-6693585, Fax 00966-2-6693472

25 June 2001 10:15:17 م

Click Here!