Saudi Arabia grants foreign firms licenses for full ownership

Saudi Arabian General Investment Authority (SAGIA) on Monday received cabinet approval to license foreign engineering and consultancy firms with full ownership, state-owned Saudi Press Agency said.

Licensed firms should have least ten years of operation at the country of origin. The firm, or its subsidiary operating in the same sector, must also have presence at least in four markets.

SAGIA added that any exemptions to these conditions will be applied in special cases.

The cabinet also approved setting up a charity fund, which will be linked to the justice ministry. The new fund will be an independent entity and will have a budget.

Among its decisions, the cabinet appointed Fahd bin Mohammed Al-Skeit as a representative of the Council of Economic and Development Affairs, Abdurrahman bin Abdullah Al-Aiban as a representative of the Ministry of Health, Hazal bin Ali Al Fayezi as a representative of the Ministry of Finance and Khalid bin Fahd Al-Baez as a representative of employers.

The cabinet also said that the Capital Market Authority (CMA) will be able to join the Islamic financial services council with full membership.