Riyadh– Minister of Trade and Investment Majed al-Qasabi revealed a series of regulations and conditions for the foreign firms licensed to own 100 percent of retail and wholesale businesses in Saudi Arabia.
Minister Qasabi said that the foreign company must operate in at least three international markets and invest at least 200 million Saudi Riyal over the first five years after obtaining the license to operate from Saudi Arabian General Investment Authority (SAGIA).
Qasabia added that the company must achieve a percentage of Saudization determined by the Ministry of Labor and Social Development. In addition, the company has to implement plans for providing training to a fixed number of Saudis and appointing them in key posts, in addition to ensuring their job security.
Qasabi confirmed that the Cabinet agreed on the decision which will be instrumental in attracting multinational retail and wholesale giants into the Kingdom.
Minister of Trade said, “SAGIA will offer all the required support and facilities for these investors in a way serving the national economy with easing restrictions for ownership and foreign investment.”