RIYADH: Saudi Arabia will ease restrictions on foreign investors to let them own 100 percent of retail and wholesale businesses, the government said.

The Saudi Arabian General Investment Authority (SAGIA) announced the reform to US businessmen during Custodian of the Two Holy Mosques King Salman’s visit to Washington, adding that the changes would be subject to conditions, which would be revealed at a later stage.

The maximum foreign ownership goes up from the present level of up to 75 percent for retail and wholesale businesses.

SAGIA wants to attract more high-end investors into the Kingdom to create white collar or technical jobs for Saudi citizens, introduce new technology and maintain economic growth goals that may become increasingly important if oil prices stay low. The agency is streamlining its investment rules and visa regulations for investors, it said, adding that the new regime would come into force next year.