Saudi Arabia plans to Saudize retail sector within 5 years

26/03/2016 Argaam

Saudi Arabia is planning to Saudize its retail sector over the next five years, Al-Watan newspaper reported, citing Omar Al-Suhaibani, commercial concealment director at the Ministry of Commerce & Industry (MOCI).

 

Al-Suhaibani did not give further details about the plan.

 

The move comes as the kingdom’s retail sector, which is almost monopolized by expatriates, reports the highest rate of “tasattur” or illegal cover-up business crimes— the practice of expatriates operating businesses in the name of Saudis, Al-Suhaibani added during a forum on commercial concealment risks at the Eastern Province Chamber of Commerce and Industry.

 

Al-Suhaibani stressed that new measures will be taken to clamp down on this practice as previous laws failed to overcome concealment at about 900,000 businesses.

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