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Monday 07 Sep 2015 - 20:38 Makkah mean time-23-11-1436
 Riyadh, (IINA) - Saudi Arabia will ease restrictions on foreign investors to let them own up to 100 percent of retail and wholesale businesses, Saudi government said on Sunday as the world's top oil exporter embarks on a new drive to attract investment and diversity to its economy, news agencies reported.
The step aims to make Saudi Arabia an international center for the distribution, sale and re-export of products.
Consumers hope this move will attract foreign companies and encourage them to manufacture their products in Saudi Arabia, then sell them directly, which would allow to consumer to benefit from the advantage of after-sales services.
The Saudi Arabian General Investment Authority (SAGIA) announced the reform to U.S. businessmen during a visit by King Salman to Washington, adding that the changes would be subject to conditions, which would be revealed at a later stage.
One of the conditions is that 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 advantage of this decision is that international companies will no longer need a Saudi partner who usually acquires a percentage no less than 25 percent and takes from the proceeds without giving added value.
AG/IINA
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