The Saudi Arabian General Investment Authority (SAGIA) has awarded investment licences to 10 UK companies which will enable them to set up operations in the kingdom.
The 10 companies are AstraZeneca, Unipart Rail, ARC Middle East, Dudley College of Technology, Mott MacDonald Middle East, Standard & Poor’s Credit Market and MEMF REPL Cable Accessories.
The move was made to tie in with the recent visit to the UK of Saudi Crown Prince Mohammed bin Salman and follows the announcement of a £65 billion package of trade an investment ties between the two countries.
Governor of the SAGIA Ibrahim Al-Omar said the licensing deal is part of an unprecedented series of reforms aimed at “unlocking an exciting range of opportunities for investors in the Middle East’s largest economies”.
The arrangement also extends the current licensing period for foreign investment from one year to up to five, renewable, said the governor.
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