The Saudi Arabian General Investment Authority (SAGIA) has appointed Dubai Media City’s Rawaj International as its Public Relations Consultancy. Rawaj will manage and liaise all general activities as well as media relations on its behalf in the United Arab Emirates (UAE).
In April 2000, as part of an ambitious program of economic reforms, the government of Saudi Arabia established the Saudi Arabian General Investment Authority (SAGIA). At the same time, the Saudi Council of Ministers ratified a new Foreign Investment Law, the first in 21 years, aiming to entice foreign investors in non-oil industries.
The law gave SAGIA a wide mandate for all matters related to investment promotion, overseeing all laws and regulations governing both foreign and domestic investment in Saudi Arabia.
To that effect, SAGIA devises strategies to improve the business enterprise climate. It proposes plans to the Supreme Economic Council to proactively increase inward investments. The Authority aims at making Saudi Arabia more competitive by identifying opportunities through studies and research. It further promotes the private sector as the key force in economic development and redefines the role of the government as policy-setter, regulator and less interventionist.
In addition, SAGIA coordinates with the ministries and departments of Saudi Arabia to pursue its vision and mission and develops a database with surveys to support investment proposals. It has already approved 1,593 projects in industrial, non-industrial and agricultural sectors. The bulk of licenses went to the industrial and non-industrial projects. These include hydrocarbons, electrical, metal products, medical, technological and power industries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
