RIYADH, 1 November 2004 — The Saudi Arabian General Investment Authority (SAGIA) has completed studies on the obstacles facing foreign investors and proposed solutions to their problems.
This was disclosed by SAGIA Governor Amr Al-Dabbagh at a seminar on investment opportunities in the Kingdom organized by the Saudi Economic Association (SEA).
Prince Abdul Aziz ibn Salman, honorary president of SEA, chaired the session which was attended by a distinguished gathering, including Prince Faisal ibn Salman, chairman of Saudi Research & Marketing Group, leading Saudi businessmen and economists.
Al-Dabbagh said the study was undertaken following a directive issued by Crown Prince Abdullah to look into the problems facing investors and suggest remedial measures. The review follows the closure of an American firm in the Kingdom.
Al-Dabbagh said SAGIA had conducted a diagnostic study in the light of the suggestions made by the Ministry of Planning and National Economy.
The governor said the measures would include streamlining the investment procedures to make it easier for investors to process their applications. The main thrust of the recommendations is to accord equal treatment to local and overseas investors in selected fields.
To this end, the governor said, SAGIA would coordinate with different agencies to create a climate conducive to investment in the gas and IT sectors. He promised various incentives and relaxation of curbs to iron out their problems, adding that his organization would meet officials of various local and international companies to look into their grievances and take remedial action.
