Saturday, 10 October 2015

Expatriates can start 100% own business in Saudi Arabia – King Salman

Many of the citizens of Saudi Arabia are expressing their high hopes and optimism over the new move which has given foreigners more freedom in investing inside the Kingdom.  The Cabinet (Council of Ministers) chaired by Custodian of the Two Holy Mosques King Salman has approved that the expatriates living in Saudi Arabia can own 100% of their investments in the wholesale and retail business. The decision is in line with Vision 2030 to ease restrictions on ownership and foreign investment in the retail sector to attract regional and international brands, contributing to the creation of job opportunities for citizens in this sector,” said the Cabinet statement.

A senior Saudi Financial Analyst in the private sector, Reema Sameer has stated that the new regulation is an excellent one. Sameer also added that this new regulation will open up many doors and also create many opportunities of employment for the youth of Saudi Arabia. The new ease in restriction will also allow for a healthy competition between businesses and companies, which will in turn result in better quality of product, better services and an overall reduction in the price of certain commodities. Another Saudi Financial Analyst, Maha Malki has described the new move by the government as a positive move for the economy of Saudi Arabia. The move will aid in the diversification of the sources of income as well as create new jobs. She added that laws need to be made which are clear and aid in the protection of rights of foreign investors.

An assistant financial analyst, Waad Al Abdul Latif, has agreed with the previous statements made by Maha and Reema that this new move by the government will allow Saudi Arabia to become the biggest international center for the sale, distribution and the re-export of several products which will aid in the reduction of unemployment as well as cause an increase in the quality of the products and services. The new move will also improve the working conditions as well as the structure of salary for the employees.

The SAGIA is planning to attract more foreign investors and companies and facilitate them in order to convince them to set up manufacturing plants of their products inside the Kingdom of Saudi Arabia. This will also in turn introduce the Saudi people to the new technologies and different management skills and styles from all around the world. A Saudi who is working in stocks sector in a bank has stated that the inflow of foreign investors will be bringing in huge amounts of finance which will cause the stock market to flourish. The new announcement which has been made by SAGIA has come after the order from King Salman, the Custodian of the two Holy Mosques, who had been visiting Washington D.C. over the weekend.

In accordance with the new decision, the SAGIA has stated that any foreign company which desires to invest in the Saudi Market must first ensure that their offer also include the specific manufacturing time programs and plans for introduction of any new technology. Additionally any offers by the foreign companies that wish to invest in the Kingdom must also ensure creation of jobs as well as training for the Saudi citizens.

Source: Saudi Gazette

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