The Saudi Arabian General Investment Authority (SAGIA) has issued 2,220 licenses valued at $15.28 billion to foreign operators since its creation four years ago. From the total, some 1,526 licenses were granted to 100-percent foreign own companies, SAGIA reports.
In April 2000, as part of an ambitious program of economic reforms, the government of Saudi Arabia established 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. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
