Minister of Commerce and Investment and Chairman of the Board of Directors of the Saudi Arabian General Investment Authority (SAGIA) Dr. Majid Al-Qasabi confirmed that SAGIA will provide all the necessary support and facilities required for foreign companies that will be licensed in the retail and wholesale trade sector to serve the desired objectives of the decision issued the day before yesterday and serve the Saudi economy.
In this context, Al-Qasabi emphasized that the Cabinet's decision to approve the opening of the retail and wholesale trade sector with 100 percent ownership of % came in the context of achieving Saudi Arabia's Vision 2030 and the effective and rapid implementation of the National Transformation Initiatives 2020 related to investment by attracting regional and international retailers and easing restrictions related to ownership and foreign investment.
Al-Qasabi expressed his thanks and appreciation to the Council of Ministers and the Council of Economic and Development Affairs for approving the necessary controls and conditions for licensing foreign companies in this sector, indicating that the Kingdom targets with this decision major international companies in the retail and wholesale trade sector, a number of which have applied for an investment license from the General Authority for Investment with executive programs for their investments in the Kingdom.
Al-Qasabi
Dr. Al-Qasabi said that the conditions and regulations will be published on the official website of the General Authority for Investment, including that the company must be operating in three international markets, with a capital of at least 30 million riyals at the time of establishment, and the company's commitment to invest at least (200) million riyals (including the company's cash capital), over the first five years starting from the date of obtaining the investment license from the Authority, and the company's commitment to the Saudi employment rates as determined by the Ministry of Labor and Social Development, and developing and implementing a plan to train specific percentages and assume leadership positions and ensure their continuity.
