Commerce and Investment Minister Dr. Majid Al-Qasabi has described the common practice of commercial cover-up between Saudis and expatriates as unhealthy and harmful to the national economy. Speaking to reporters following the launch of the parallel equity market, Nomu, here yesterday, Al-Qasabi said his ministry has prepared a comprehensive study on the root causes of this phenomenon, where an expatriate runs a business in the name of a Saudi through a mutual arrangement. The study includes plans for amending existing systems so that the expatriate would have the right to invest in a business within certain parameters and controls. They would have to maintain standards and pay taxes and would be able to conduct their business openly, without any need to conceal the fact. He explained that the ministry's plan essentially lies in understanding the main reasons behind this practice and address them, rather than uncovering and punishing the perpetrators. The ministry was considering permitting the expatriate to invest in his business under certain conditions, such that the rights of the state are preserved. It also intended to attract quality foreign investments that would create new jobs and contribute to the transfer of knowledge and technical knowhow to the Kingdom, he said. Al-Qasabi pointed out that the parallel market would strengthen the financing opportunities for small and medium companies and enable them to invest and grow, as it forms an alternative stock market. The ministry also has plans to create a favorable environment for investments and stimulate small and medium-sized companies. Its strategy is to support small and medium enterprises based on five axes, beginning with facilitating business through the development of legislative systems and supporting startups and entrepreneurship. Al-Qasabi said the Kingdom was targeting global investments and studying potential investments that can be attracted to the Kingdom. To achieve this, the ministry is seeking to build a legal and legislative framework, conducive to investment, such as commercial mortgage, bankruptcy law, franchise law and a professional firms act.