Saudi Arabia approves 100% foreign ownership rules

Saudi Arabia’s cabinet has approved rules governing foreign ownership of retail and wholesale businesses in the kingdom.

The regulations, which were first discussed last year, allow foreign investors to own 100 percent of retail and wholesale businesses in the country, state news agency SPA said on Monday. Earlier, the ownership ceiling for foreigners was set at 75 percent.

The move is aimed at attracting more regional and international brands to the kingdom, to create more jobs, and boost non-oil revenue, which has plunged as crude prices more than halved since June 2014.

Earlier this year, the Saudi Arabian General Investment Authority (SAGIA) said it had identified at least four sectors, other than retail, where full foreign ownership might be permitted.