JEDDAH, 20 September 2007 — Saudi business leaders welcomed Monday’s Cabinet decision to issue multiple-entry visas to foreign businessmen, saying the long-awaited move would promote investments in the Kingdom and boost trade and exports.
The Council of Ministers, chaired by Custodian of the Two Holy Mosques King Abdullah, decided that foreign businessmen would henceforth be granted multiple-entry visas valid for one year. Visa applicants will not be required to furnish any invitation letter from a Saudi company or the chamber of commerce and industry, as was previously required. The move is likely to ease the entry of foreign businessmen into Saudi Arabia, which has a number of visa restrictions.
“The streamlining of visa procedures for (foreign) businessmen... is a positive development and will facilitate the entry of businessmen wishing to boost trade and investment links between the Kingdom and their countries,” said Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry.
“The Cabinet decision lifts an obstacle which the Saudi private sector and chambers of commerce have been complaining about and enhances openness of trade and investment,” he added.
Saleh Al-Turki, chairman of the Jeddah Chamber of Commerce and Industry, also expressed his satisfaction at the Cabinet decision, adding that the move augurs well for Saudi Arabia’s plan to become one of the world’s Top 10 countries in attracting foreign investments. Recent studies had shown that the difficulty of obtaining entry visas was one of the main impediments to investment in Saudi Arabia, he added.
“It’s a very good move,” commented Dr. Abdullah Al-Saihati, chairman of Saihati Group and a leading businessman in the Eastern Province. He said the government should have taken the decision long time ago. “It will certainly facilitate the entry of foreign businessmen and thus promote trade and industry and help us take faster decisions,” he told Arab News.
“We have been waiting for this decision for quite a long time. It will help foreign businessmen to visit the Kingdom frequently without any obstacles. We will also be able to meet them in the Kingdom, instead of having to meet them in a neighboring country,” he said.
Saihati said the Cabinet decision would play a big role in enhancing investment, economic and trade relations between the Kingdom and other countries.
Dr. Fahd Al-Sultan, secretary-general of the Council of Saudi Chambers of Commerce and Industry, said the decision would improve the Kingdom’s investment climate and promote foreign trade. He said his organization had been campaigning for business visas.
Saad Al-Moajjel, deputy chairman of the Riyadh chamber, said the decision would have a big impact on business relations with other countries. “We hope the decision will be implemented without any delay or complications.”
The decision will encourage foreign businessmen and international companies to invest in the Kingdom’s various sectors. Saudi Arabia is seeking foreign investment of SR1.3 trillion in vital areas such as oil, gas, petrochemicals, power generation, railways, desalination and telecom. The Kingdom is the largest free economic market in the Middle East and has 25 percent of the total Arab gross domestic product.
