JEDDAH — The Saudi Arabian General Investment Authority (SAGIA) is working on a new program that will allow foreign construction and contracting companies that want to implement projects in the Kingdom to apply for temporary licenses. The scheme seeks to facilitate the participation of pioneering overseas companies in carrying out government projects. It also aims to ensure that the economic boom the Kingdom has been seeing continues without disruption. The licenses will be valid for a maximum of three years. The companies will have a chance to get a permanent license to operate in the Kingdom after their temporary license expires, provided that they have assets worth SR50 million and staff a minimum of 50 people. SAGIA will soon announce details regarding temporary licenses.
