Saudi Arabia’s General Investment Authority issued 467 permits in the first quarter of 2002 for the establishment of foreign capital-based projects, reported Al-Hayat. The total capital to be invested in these projects is estimated at 31 billion Saudi riyals ($8.3 billion).
In addition, the Authority issued 317 investment permits for mixed capital projects, valued at SR 7.2 billion ($1.92 billion), of which four billion riyals is local capital and SR 3.16 billion is foreign capital.
The Saudi consultative council (majlis al-shura) is currently reviewing a new tax law that would lower the corporate tax levied on foreign firms operating in the kingdom from 45 to 30 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
