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.


Spotify loses access to major Indian label

Updated 54 min 17 sec ago
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Spotify loses access to major Indian label

  • Saregama India Ltd. filed a petition with the Delhi High Court seeking an injunction against Spotify to stop it from using its songs
  • The move comes two months after Spotify launched in India, a price sensitive market already crowded by well-funded local players

BENGALURU: Music streaming service Spotify Technology SA said it will remove all songs belonging to one of India’s oldest record labels from its app after they failed to agree on licensing terms, months after the Swedish company’s launch in the country.
According to a court document, Saregama India Ltd. filed a petition with the Delhi High Court seeking an injunction against Spotify to stop it from using its songs.
The move comes two months after Spotify launched in India, a price sensitive market already crowded by well-funded local players like JioSaavn and Apple Music.
According to the court document dated April 23, Spotify’s senior counsel said the streaming service would remove all Saregama songs from its app within 10 days. Spotify said last month it had more than 1 million unique users in India across its free and premium categories within a week of its launch. The company offers a free version supported by ads and a premium ad-free variant that charges users 119 rupees ($1.68) per month.
Spotify declined to comment, while Saregama did not immediately respond to a Reuters request for comment.