More Saudi sectors opened to foreign investment

The Cabinet amended the sectors excluded from foreign investment at the meeting chair by King Salman. (SPA)
Updated 24 October 2018
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More Saudi sectors opened to foreign investment

  • The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate

RIYADH: Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.

The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.

The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.

Meanwhile, about 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market, the exchange’s chairwoman told the Future Investment Initiative in Riyadh.

Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul), said 200 more are expected to register.

Global index provider MSCI classified the Saudi equity market as an emerging market in June, a move expected to attract billions of dollars of passive funds.

Al-Suhaimi said she expected the number of qualified foreign investors to increase before and after the inclusion in the index, which is expected to happen in phases coinciding with index reviews in May and August 2019.


Germany’s Mercedes-Benz plans assembly plant in Egypt

Updated 43 min 41 sec ago
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Germany’s Mercedes-Benz plans assembly plant in Egypt

BERLIN: German automaker Daimler’s Mercedes-Benz Cars unit says it is developing plans to open an assembly plant in Egypt.
Mercedes-Benz said in a statement Friday that the passenger car plant would be built by a local business partner and the project is being developed “in close collaboration” with Egypt’s government. It said board member Markus Schaefer recently held “successful discussions” with Egypt’s president and prime minister.
Schaefer described Egypt as “an attractive and competitive location for production and supporting logistics” and said having an assembly plant there would enable Mercedes-Benz to expand its market position.
The company said it is also offering expertise on modern mobility concepts, electric cars and autonomous driving as Egypt develops a new capital and other infrastructure projects, but detailed agreements haven’t yet been reached on that.