Saudi Arabia said to open four more sectors to foreign investors

Saudi Arabia is looking to ease restrictions on foreign ownership in at least four more sectors, as it looks diversify its economy away from oil exports, Bloomberg reported, citing Mohanud Helal, secretary general of the Economic Cities Authority.

The kingdom currently allows 100-percent foreign ownership only in retail.

The Saudi Arabian General Investment Authority (SAGIA) has identified about four sectors in which full foreign ownership may be permitted, Helal said, without giving further details.

“The decision had already been made on some of the industries,” Helal was quoted as saying.

The government is also considering changing its visa regulations to speed up procedures for work and visit permits to make the country a more attractive destination for investors.

The talks also include plans to allow visitors, including pilgrims, to travel to landmarks in various parts of the country through tourist visas. The process of allowing expatriate employees to bring in family members might also be made easier.

“These are all things that are being looked at as we speak today and very quickly we will hear how some things are quickly changing to further the invitation of the international community,” he said.