SAGIA Saudi Arabia have announced that they will start accepting bids from international companies that want to invest directly with the ownership of 100 per cent in the engineering consultancy activities in Saudi Arabia.
General Investment Authority said in a statement:
– Plans to create a new company of a branch of the parent company
– Time plan is significant
– The transfer of knowledge and the recruitment and training of Saudi nationals
The company noted that it will begin to receive offers via their e-mails as of the first of June 2016. The General Investment Authority in Saudi Arabia, the largest crude oil exporter in the world, is seeking to attract foreign funds and investments for a number of sectors that are not related to the oil. This prompted the decision makers to make structural reforms aimed to raise the contribution of non-oil sector in the local economy.
Abdullatif El-Othman Governor General Investment Authority announced during an interview last January that the Kingdom is targeting at least doubling the annual flow of foreign direct investment over the next ten years, and that by focusing on attracting investment to new sectors such as mining, health care and information technology. The plan announced by the El-Othman in the context of radical changes of economic policy in Saudi Arabia, stress on diversifying the Saudi economy away from oil, gas and petrochemicals.
But El-Othman says that the body is constantly working to review all laws and regulations related to investment to facilitate the entry of foreign investors into the Kingdom and they always urge foreign investors to give their suggestions on any aspects that require consideration.
In September 2015, the Commission announced a plan to allow foreign investors to exercise the activity of wholesale and retail trade of its products in the UK by 100 per cent. It was formerly the maximum foreign ownership in the sector 75 per cent.