With reference to some queries regarding the Royal Directives of the Custodian of the Two Holy Mosques for the expansion of investment in the Kingdom, MCI & SAGIA would like to clarify some points:
The Kingdom intends to open the way for foreign companies to invest in the wholesale and retail sector for their products, with ownership proportions exceeded the ratio committed by the Kingdom in the WTO. This means, it may reach to (100%). That would be in accordance with the conditions and regulations to be developed by the concerned authorities in the Kingdom, so as to enhance the contributions of the economic investment, without any prejudice to Religious principles, and with the protection of markets from any harm.
The aim of the Royal Decree, which has been issued in this regard, is:
- Attracting the international manufacturing companies directly, and encouraging them to manufacture their products in the Kingdom.
- providing an option for the global major companies to sell their products directly to the consumer.
- Taking advantage of a unique after sale service.
- Increasing competition and opening larger selling channels.
- Finding new job opportunities for young Saudis.
- Training and developing the abilities of Saudi youth in centers belonging to the investing companies.
- The Kingdom would be an international center for the distribution, sale and re-exporting of products.
- Finding investment opportunities for small and medium enterprises.
A joint team, from the relevant authorities, has been found to assess the current procedures to reach a clear vision for the desired development, which will be announced at the beginning of the new calendar year.
The Kingdom, represented by the SAGIA, would like to welcome the offers of the companies wishing to invest in the Kingdom, provided that their offers should include their future manufacturing plans, within specific time limits, as well as technology transfer, employment and training of Saudi citizens.