Foreigners(Expatriates) will be allowed to run Saudi-owned companies
Riyadh - Saudi Arabia has decided to allow foreigners to run Saudi-owned companies. The Okaz / Saudi Gazette has learned that the Ministry of Commerce has made a decision in this regard.
The Ministry of Justice has revoked the second paragraph of the ministerial decision issued in 2626-14 AH, which states that it is not permissible for a foreigner to manage a Saudi company or to be a Saudi citizen by a court order. Provide options to allow. To a foreigner in this regard
Justice Minister Dr. Waleed Al-Samani said in a circular that the ministry had received a telegram from Commerce Minister Majid Al-Qasibi, who is also the chairman of the board of directors of the National Competition Center (Taseer).
A working team set up by the Ministry of Commerce to study the issue concluded that non-Saudis should be appointed managers of Saudi-owned companies, as well as foreigners. "There is no objection to allowing Saudis to run companies." the circular said.
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1 Comments
It is good step and Saudi Arabia should revise its policy about business regulations, atract the international investor to invest in the kingdom, Foriegn investors are not investing in ksa because they cant make the business freely on their own name, this is world largest market, Saudi Arabia should give freedom to foriegn investors. Nobody want to invest in the kingdom because investor cant own business on his name, bond to make his business under Saudi Citizen, on this condition nobody will invest in the kingdom, UAE give more rights to foriegn investor 50% business on his name and investor feel secure there, all over the world people are investing in UAE, compare to saudi arabia UAE is mini market.
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