RIYADH: There is likely to be a greater influx of American multinationals into the country including in the retail, entertainment, education and finance sectors over the medium term, which will boost the nation’s economy.
This is the view of economist Fadl Al-Bouainain, who told a local publication recently that Saudi Arabia has a long history of forming partnerships with American firms, especially in the oil sector. Dow Chemical Company is one of the largest investors and has a partnership with Saudi Aramco.
He said the decision by the government to allow 100 percent ownership in the retail sector would see greater inflow of American firms.
He said the decision to invest by Six Flags, the world’s largest entertainment firm, would result in a significant change in public offerings. Care would be taken by the government to ensure that services are in line with the country’s customs and traditions, he said.
He said the Dow investment license, obtained during the visit of Deputy Crown Prince Mohammed bin Salman has opened the door for other investments in various sectors, including finance. This would ensure greater competition locally, with poor performing firms having to close down.
“Despite the negative impact on domestic competitors in the beginning, there will be a positive impact in the medium term,” he said. “I hope that the higher education market opens for US institutes and colleges, for quality education that we badly need in line with the goals of Saudi Vision 2030.”
This is the view of economist Fadl Al-Bouainain, who told a local publication recently that Saudi Arabia has a long history of forming partnerships with American firms, especially in the oil sector. Dow Chemical Company is one of the largest investors and has a partnership with Saudi Aramco.
He said the decision by the government to allow 100 percent ownership in the retail sector would see greater inflow of American firms.
He said the decision to invest by Six Flags, the world’s largest entertainment firm, would result in a significant change in public offerings. Care would be taken by the government to ensure that services are in line with the country’s customs and traditions, he said.
He said the Dow investment license, obtained during the visit of Deputy Crown Prince Mohammed bin Salman has opened the door for other investments in various sectors, including finance. This would ensure greater competition locally, with poor performing firms having to close down.
“Despite the negative impact on domestic competitors in the beginning, there will be a positive impact in the medium term,” he said. “I hope that the higher education market opens for US institutes and colleges, for quality education that we badly need in line with the goals of Saudi Vision 2030.”
