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.


Oman ‘still needs expats,’ ministry says

Updated 16 December 2018
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Oman ‘still needs expats,’ ministry says

  • The ministry said expat workers are needed because the country is working on “mega infrastructure projects”
  • Expats make up almost 90 percent of Oman’s private sector workforce, which the government has been trying to reduce

DUBAI: Driving down the number of expat workers in Oman’s private sector is “going to take a long time,” a senior official at the Ministry of Manpower said, highlighting infrastructure projects as areas where expat workers are needed.
Despite ongoing efforts to integrate more Omanis in the workforce, the ministry said the country still needs expat workers for “mega infrastructure projects.”
Expats make up almost 90 percent of Oman’s private sector workforce, which the government has been trying to reduce through its Omanization policies.
“Some professions in the private sector are Omanized and restricted to Omanis, such as administrative professions and some senior leadership positions, such as personnel managers and human resource managers. The Ministry of Manpower also issued a decision to ban the recruitment of a non-Omani labor force in some professions, as well introduced a hike in work permit fees for the expatriate labor force,” Salim bin Nasser Al Harami, Director General of Planning and Development at the Ministry of Manpower, told local daily Times of Oman.
The expatriate visa ban halted the hiring of expats to jobs across 87 sectors which include information systems, accounting and finance, sales and marketing, administration, human resources and insurance.
These efforts resulted in a two percent decline in October, which Al Hadrami said was a “a good and positive indicator.”
The National Center for Statistics & Information in Oman reported that of the 2,041,190 workers in the private sector, only 250,717 are Omanis, with the vast majority – 87.72 percent – being expatriates.
The Omanization drive aims to recruit more of local citizens in private companies — a similar push across the GCC where countries like Saudi Arabia and Kuwait who have also been trying to increase the number of nationals in private sector employment.