Saudi Arabia rules out foreign investment in particular industries

Feb 13, 2000 01:00 AM

Saudi Arabia will exclude its oil production, broadcasting, land and air transport, and telecommunications sectors from foreign investment. The Supreme Economic Council made the ruling at a meeting presided over by Crown Prince Abdullah bin Abdul Aziz, SPA said.
The Council also ruled out foreign investment in industries manufacturing military and explosive equipment, property ownership in Islam's holiest cities, Mecca and Medina, and tourist activities linked to the annual Muslim pilgrimage, or hajj. Saudi Arabia has since last year announced a package of legal reforms to encourage foreign investment and diversify sources of revenue.

The reforms will allow foreign investors to 100 % own industrial companies and property and amend the system of local sponsorship for foreigners doing business in Saudi Arabia. Saudi Arabia has also launched a $ 100 bn gas initiative to attract foreign oil companies for around 25 energy projects covering gas field development, oil refining and power generation in the kingdom.

Source: AFX News
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