Saudi investment authority awards licenses to 10 UK firms

AstraZeneca was one of 10 companies granted Saudi investment licenses by SAGIA. (Reuters)
Updated 09 March 2018
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Saudi investment authority awards licenses to 10 UK firms

DUBAI: The Saudi Arabian General Investment Authority (SAGIA) on Friday announced that 10 UK businesses have been granted Saudi investment licenses — enabling them to establish operations in the Kingdom or expand their existing presence.
The 10 companies include AstraZeneca, Unipart Rail, ARC Middle East, Dudley College of Technology, Mott MacDonald Middle East, Standard & Poor’s Credit Market and MEMF REPL Cable Accessories.
Ibrahim Al-Omar, governor of SAGIA, said: “The unprecedented program of reforms being implemented in Saudi Arabia is unlocking an exciting range of opportunities for investors in the Middle East’s largest economy.”
He added: “One of SAGIA’s strategic goals is to act as an advocate for investors and enable them to invest and establish their businesses in Saudi Arabia and in its efforts to ease licenses procedures, SAGIA has extended the license period for foreign investment from one year to a period of up to five years, renewable.
AstraZeneca said: “Since 1980, AstraZeneca Saudi Arabia has been committed to improve patients’ access to innovative medicines across the Kingdom, and we believe that the Kingdom’s medical needs and increasing openness to international investment mean there are considerable opportunities in the sector.”
The announcement was made as the visit to the UK by Saudi Crown Prince Mohammed bin Salman drew to a close.
Britain and Saudi Arabia earlier set out an ambition to build £65 billion ($90.29 billion) of trade and investment ties in coming years, Prime Minister Theresa May’s office said on Wednesday, calling the agreement a vote of confidence in the British economy ahead of Brexit.


Unaoil’s former Iraq partner pleads guilty to bribery

Updated 29 min 40 sec ago
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Unaoil’s former Iraq partner pleads guilty to bribery

  • It is the first guilty plea to result from a three-year investigation by the Serious Fraud Office into suspected bribery and money laundering
  • Unaoil is a Monaco-based oil and gas firm

LONDON: The former partner in Iraq for Unaoil, a Monaco-based oil and gas consultancy, has pleaded guilty to five counts of bribery in the first conviction in a three-year criminal investigation by Britain’s Serious Fraud Office (SFO).
Basil Al Jarah, 70, pleaded guilty on July 15 to conspiring to give corrupt payments in connection with the award of contracts to supply and install single point moorings and oil pipelines in southern Iraq, the SFO said.
Al Jarah’s conviction, which comes six months before three other defendants in the case face a criminal trial in London, was announced after a judge lifted reporting restrictions in a pre-trial hearing on Friday, the SFO said.
Ziad Akle, Unaoil’s former territory manager for Iraq and Stephen Whiteley and Paul Bond, who worked for Dutch-based oil and gas services company SBM (Offshore), have pleaded not guilty.
Akle, 44, has been charged with three offenses of conspiracy to make corrupt payments. Bond, a 67-year-old former senior sales manager with SBM (Offshore), and Whiteley, a 64-year-old former vice president of SBM (Offshore) and one-time Unaoil general territories manager for Iraq, Kazakhstan and Angola, each face two counts.
Sam Healey, a lawyer at JMW Solicitors who is representing Whiteley, said his client “strenuously denied” all alleged offenses.
“Mr Whiteley co-operated fully with the SFO as they opened their enquiries and will rigorously defend the charges,” he said.
Lawyers for Al Jarah and Bond declined to comment. A lawyer for Akle was not immediately available for comment.
A spokeswoman for Unaoil declined to comment, while SBM Offshore has said it is company policy to not comment on past or current employees.