24 October 2018 Saudi Arabia to allow foreign investment in four key sectors It has been reported1 that Saudi Arabia will allow foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate. According to news reports (the Government has not formally issued a notice), the Council of Ministers amended what it described as types of activities that had been previously excluded from foreign investment (The list of activities referred to in Article 3 of the Foreign Investment Act, 2000 issued by Royal Decree no. M/1, dated 5/1/1421H corresponding to 10 April 2000). The Council of Ministers made this decision on 23 October 2018, after reviewing the recommendations of the Council of Economic and Development Affairs and a report from the Minister of Commerce and Investment and the Chairman of the Board of the Saudi Arabian General Investment Authority (SAGIA). 1 1810-00-130_KSA Business News_ Saudi Arabia will allow foreign investment in four key sectors _25 October 2018; http://saudigazette.com.sa/article/546329/SAUDI-ARABIA/Foreign-investment-allowed-in-4-key-sectors; http://www.arabnews.com/node/1392856/business-economy; http://investmentpolicyhub.unctad.org/InvestmentLaws/laws/74.
Document ID: 2018-2122 |
