Shahd Al-Hamdan Saudi Gazette JEDDAH — Many Saudi citizens expressed optimism over the move to give foreigners more freedom to invest in the Kingdom. The Saudi Arabian General Investment Authority (SAGIA) Sunday announced that it is planning to ease restrictions on foreign investors to let them own 100 percent of retail and wholesale businesses. Reema Sameer, a Saudi senior financial analyst in the private sector, said, “This regulation is excellent. It will create job opportunities for the Saudi youth. It will generate a healthy competition among companies, which will ensure better services, a better product quality and cheaper prices of commodities.” Maha Malki, a Saudi financial analyst, described the government move as a positive step for the Saudi economy. It will diversify income sources and create new job opportunities, she said, adding that there should be a clear law to protect the rights of investors. Waad Al-Abdullatif, assistant financial analyst, agreed with Reema and Maha that the move to make Saudi Arabia an international center for the distribution, sale and re-export of products will help reduce unemployment and improve quality. “This will also help improve service condition and salary structure of employees.” The SAGIA's plan to attract foreign companies and encourage them to manufacture their products in Saudi Arabia will expose the locals to new technologies and new management skills, Abdullatif added. A Saudi working in the stocks sector in a bank said that foreign investors will bring a large amount of money and the stock market will flourish. The announcement made by SAGIA came in line with orders from Custodian of the Two Holy Mosques King Salman, who was on a visit to Washington over the weekend. As per the new decision, SAGIA said foreign companies wishing to invest in the Saudi market must ensure their offers include specific manufacturing time programs and plans for introducing new technology, according to the Saudi Press Agency (SPA). It also said offers by foreign companies must ensure the creation of job opportunities and provide training for Saudi citizens under the kingdom's ongoing Saudization project. The approach aims to increase competitiveness and provide better work opportunities to Saudi youths, by enabling them to be trained in centers affiliated to these companies.
