© Effentii – 2018
In a drive to broaden and diversify their economy, Saudi Arabia has recently announced the easing of foreign investment restrictions in the Kingdom, permitting 100 percent foreign ownership of retail and wholesale businesses.
During a recent trip to the United States, King Salman announced the new opportunities, outlining that further information about the conditions governing the new policies would become available at a future date.
At a time when low oil prices are having a ripple effect on the Saudi economy, the change provides opportunity to diversify the economy, and demonstrates momentum toward opening the Kingdom’s markets to foreign ownership and competition.
The move intends to increase employment opportunities for Saudi citizens, attracting new investors and technology, while providing a boost to a lagging job market in the wake of oil price pressures.
Saudi Arabian General Investment Authority, the body which overseas related activities, stated that the move intends to streamline visa processing, and is expected to be active within one year.
More information can be found at SAGIA
