The Saudi Arabian General Investment Authority (SAGIA) has awarded investment licenses to four Swiss companies, which will enable the launch of their operations in the Kingdom.
SICPA-Jameel, Roche Diagnostics Saudi Arabia, MEDLOG and ABB Substations Contracting Co. received their licenses on the sidelines of the 11th session of the Saudi-Swiss Joint Commission, held recently in the Swiss capital Bern.
Welcoming the awarding of the licenses, SAGIA Gov. Ibrahim Al-Omar, said: “These excellent developments in Switzerland underline the importance of building strong economic partnerships. We want to use these partnerships to help illuminate and enable investment opportunities for companies and investors across a number of promising sectors, while also helping to realize the Kingdom’s Vision 2030, economic diversification and a new era for Saudi Arabia.”
In addition to continuously engaging and building strong relationships with leading companies and relevant stakeholders across the world, SAGIA, along with its partners, is focused on enhancing the competitiveness and attractiveness of the investment environment for foreign investors in the country.
Fady M. Jameel, deputy president, and vice chairman, Abdul Latif Jameel Co., said: “Our company is proud to be the investment partner of choice for this venture with SICPA Finance and bring this cutting edge ‘track and trace solutions’ technology to businesses and consumers in Saudi Arabia.”
SAGIA has led the way in creating significant legal, regulatory, commercial and financial reforms to protect investors and generate confidence in Saudi Arabia as an investment destination. Foreign investors enjoy an increased number of sectors open to foreign investment, including 100 percent ownership, streamlined procedures and reduced costs, access to resources and financing, and significant opportunities.
Al-Omar highlighted the enormous potential that the Saudi economy presents to foreign investors and the vast new horizons that Vision 2030 is providing to the private sector.
He said: “SAGIA is committed to driving more quality investments by being a beacon and a partner for companies all along the investment decision-making journey, and by ensuring greater ease in establishing and running business operations.”
He also noted that the investment licenses granted in Bern brought the number of Swiss projects invested in the Kingdom to 94.
“We very much welcome the strong and valuable Swiss presence in Saudi Arabia and we look forward to celebrating 100 Swiss investments soon,” he said.
SICPA-Jameel will provide ‘track and trace solutions’ in the services sector, securing production, import, and exporting trade of sensitive goods.