New Saudi committee tasked to regulate foreign investments as Kingdom opens up

New Saudi committee tasked to regulate foreign investments as Kingdom opens up
The committee comes as more foreign entities take an interest in entering the Saudi market as part of the government’s push to modernize its economy. (Shutterstock)
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Updated 16 September 2021

New Saudi committee tasked to regulate foreign investments as Kingdom opens up

New Saudi committee tasked to regulate foreign investments as Kingdom opens up
  • Chaired by the investment minister, the new committee will also set the limit for foreign ownership in local companies

RIYADH: Saudi Arabia has formed a new committee to regulate foreign investments and protect the Kingdom's critical sectors such as utilities.

The committee is tasked to create and implement a criterion for foreign investors, identifying a list of companies, individuals, and activities excluded from foreign investment, Argaam reported, citing a cabinet's decision.

Chaired by the investment minister, the new committee will also set the limit for foreign ownership in local companies.

“The setup of this committee is a sagacious decision which reflects the fast pace of change in the economic structure with the participation from foreign investors,” Mohammed Al-Suwayed, chief of Razeen Capital, said.

The committee comes as more foreign entities take an interest in entering the Saudi market as part of the government’s push to modernize its economy.

Saudi analyst Al-Suwayed said: “The committee is made to deal with the implications of national security and national resources including natural and critical types of resources.”

He said the decision to create the committee will protect the Kingdom from “broader political risk” if critical services such as utilities are controlled by foreign businessmen.

“Businessmen in Saudi have more access to public policymaking than any other stakeholders, and after allowing foreign businessmen to join the boards of Commercial Chambers, they're expecting to enjoy the same access and influence policymaking as well,” he explained.

Ministers of commerce, economy, planning, communications and information technology, heads of the Local Content Authority and the Capital Market Authority will also be part of the committee. 


US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official
Updated 17 October 2021

US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official

WASHINGTON: The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.

Pete Buttigieg did the rounds on US political talk shows to stress that President Joe Biden’s administration was doing everything it could to alleviate congestion at the country’s overloaded ports, railways and roads, and that the government will “re-evaluate all of our options” to relieve the bottlenecks.

But “a lot of the challenges that we have been experiencing this year will continue into next year,” the transport chief and former presidential candidate told CNN’s “State of the Union” show.


Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings
Updated 17 October 2021

Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.

The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which is the highest in the region, said the report.

The Saudi Ports Authority, also known as Mawani, has forged partnerships with operators and major international shipping lines to develop the Kingdom’s seaports and contribute to the national goal of transforming Saudi Arabia into a global logistics hub.

Omar bin Talal Hariri, president of Mawani, said the authority is proud of the achievement and will intensify its efforts to meet the aspirations of the Kingdom’s leadership.

The index includes several sub-indicators, most notably, the number of scheduled visits by ships to the country within a week, capacity of the ships in standard units, in addition to the number of regular service paths provided by shipping lines to and from the country.


UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe

Updated 17 October 2021

UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe


RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe.

The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company’s efforts to expand its horizons and diversify its sources of production.

The company has opened its first plant for compressing and drying animal feed in Serbia with a production capacity of 120,000 tons and storage capacity of 20,000 tons.

 


Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister
Updated 17 October 2021

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

CAIRO: Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier.

“The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,” Tarek El Molla said in a speech to the Egyptian Petroleum Association. 


Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans
Updated 17 October 2021

Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans

RIYADH: More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings.

Of the total, 69,497 families benefited from the loan offered for ready-made housing units.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. It has a goal of reaching 70 percent homeownership by 2030.

The program also launched new e-services to serve people effectively.