RIYADH, 3 February 2003 — Foreign investment in insurance services will be allowed once the new insurance law is approved, the Supreme Economic Council announced yesterday.
SEC made the announcement following a meeting here under the chairmanship of Crown Prince Abdullah, deputy premier and commander of the National Guard.
The meeting, which was attended by Prince Sultan, second deputy premier and minister of defense and aviation, approved a new list of sectors where foreign investments are presently barred.
Prince Abdullah ibn Faisal, governor of the General Investment Authority, briefed the meeting on GIA’s activities and its efforts in the service of foreign investors.
“After reviewing the list of activities open to foreign investors, the SEC approved a new list of sectors previously closed to them,” Dr. Abdul Rahman Al-Tuwaijeri, SEC’s secretary-general, told the Saudi Press Agency.
He added that the council will review the list annually to open up some sectors to foreign investment when the relevant regulations are introduced.
The sectors still barred for foreign investment include exploration, the drilling and production of petroleum, the manufacturing of military equipment and uniforms, and civilian explosives.
In the service sector, foreigners are not allowed to invest in military catering, security or real estate projects in Makkah and Madinah.
Haj and Umrah guides and real estate brokers, and internationally classified photography, television and radio studios, advertising and public relations are also among the barred category.
According to the new list, foreigners will not be allowed to invest in land and marine transport services, space projects, blood banks and quarantine centers.
The SEC meeting authorized the Ministry of Agriculture to start leasing land assigned for fisheries investment on the Jizan and Tihama plains.
The council also approved the draft memorandum of understanding signed by the Kingdom, Syria and Jordan in the field of transportation.
