Regulations to be amended to grant expats right to invest in Saudi Arabia

Majed Al-Qassabi, minister of trade and investment. (SPA)
Updated 28 February 2017
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Regulations to be amended to grant expats right to invest in Saudi Arabia

JEDDAH: The Saudi Ministry of Trade and Investment will assess a plan to amend regulations to allow expatriates to invest in the Kingdom within specific regulations and standards in addition to paying taxes.
Majed Al-Qassabi, minister of trade and investment, said the move will lead to the elimination of the phenomenon of commercial cover-up in the country.
He said during the launch of the “growth-parallel market” that the ministry “intended to attract quality foreign investment to create new jobs and contribute to the transfer of knowledge to Saudi Arabia.”
Mohammed bin Abdullah Al-Kuwaiz, vice chairman of the Capital Market Authority, said that the parallel market will precede the main market to be available to various categories of foreign investors in the future.
“The Capital Market Authority is currently working with ‘Tadawul’ to prepare all the legal and technical aspects. The declaration of the schedule is expected during the second quarter of this year,” Al-Kuwaiz said.
He added that Saudi Aramco’s launch on the Saudi Stock Exchange (Tadawul) depends on the inclusion of the market in emerging global markets indices, which requires regulatory and structural aspects.
Al-Kuwaiz said the launch of the growth-parallel market provides funding through the financial market for a new class of companies and productive projects. He added: “It is considered a channel to diversify investments and increase the pace of investment to establish new projects.”
Al-Kuwaiz pointed out that the number and size of companies that are trading are equal to or greater than those achieved in the days following the launch of other parallel markets around the world.


Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

KSRelief distributed assistance to Syrian refugees. (SPA/file)
Updated 15 min 19 sec ago
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Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

  • KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications
  • The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Yemen

JEDDAH: The King Salman Humanitarian Aid and Relief Center (KSRelief) distributed humanitarian aid including birth kits, personal bags and baby blankets to Syrian female refugees staying in Osman Hospital and Central Hospital in Kattermaya, Kharoub province of Lebanon on Friday.

This distribution is within the framework of the assistance provided by the center for displaced Syrians and refugees in neighboring countries. 

KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications through various relief programs. 

Earlier, winter blankets, jackets, jumpers, hats and other items were distributed to meet the basic needs of refugee families.

The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Al-Mukha directorate in Taiz governorate, benefiting 21,000 people.

In addition, 36 trucks with 469,483 kg of relief, shelter and medicines crossed Al-Wadiaa border on Thursday evening as part of the KSRelief plan to help Yemenis.

Of this total, 26 trucks with 500 food baskets, weighing 375 tons, in addition to 43,173 kg of shelter items, will be heading to Maareb province, and ten trucks carrying 42,221 kg of shelter items and 9.89 tons of medications will go to Aden.

On Thursday, the Bahraini Royal Charity Foundation and the Khalifa bin Zayed Foundation for Humanitarian Affairs signed an MoU for the establishment of the Bahrain Health Center in Aden, Yemen, at a cost of $2 million, in the presence of Ahmed bin Ali Al-Bayez, assistant general supervisor of operations and programs at KSRelief, and a number of officials. SPA, Jeddah