The Saudi Arabian General Investment Authority (SAGIA) licensed 997 investment projects during the first four months of 2002, valued at $11 billion. 607 projects out of the total were approved as ventures supported completely by foreign capital and are agricultural and industrial in nature, reported KUNA.
SAGIA was established in 2000 in accordance with an approved Saudi investment law that was designed to speed up economic development in the Kingdom by allowing full ownership of projects in the country to be held by foreigners. SAGIA operates under the umbrella of the Supreme Economic Council and evaluates investment projects as well as formulates government policies concerning investment activities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
