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
0

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.


Scottish government wins fracking case against energy giant Ineos

Updated 19 June 2018
0

Scottish government wins fracking case against energy giant Ineos

  • The devolved government said a moratorium on fracking was in place
  • neos had argued that the ban was imposed unlawfully

EDINBURGH: Scotland’s highest court has ruled in favor of a government ban on fracking which had been challenged by energy giant Ineos, the Scottish government said on Tuesday.
“This decision vindicates the extensive process of research and consultation which the Scottish government has undertaken since 2015,” Scottish business minister Paul Wheelhouse said in a statement. “Our preferred position is not to support unconventional oil and gas extraction in Scotland (fracking), and that position remains unchanged.”
The devolved government said a moratorium on fracking — gas extraction via hydraulic fracturing of the ground — was in place. That meant no local authority could grant planning permission until an impact assessment process had been carried out.
Ineos had argued that the ban was imposed unlawfully, and that it contradicted evidence that shale gas could be produced safely by unconventional methods.
Scotland decided to outlaw fracking in October after a public consultation found overwhelming opposition to it.