More incentives urged to attract FDIs

More incentives urged to attract FDIs
Updated 13 April 2016

More incentives urged to attract FDIs

More incentives urged to attract FDIs

RIYADH: A Shoura Council panel has asked the Saudi Arabian General Investment Authority (SAGIA) to develop systems and incentives to attract and increase foreign direct investments (FDIs).
This was part of a series of recommendations presented by the committee of economy and energy, Assistant Speaker Dr. Yahya bin Abdullah Al-Samaan said following the session in Riyadh on Tuesday.
The committee also called on SAGIA to intensify efforts and follow up on licenses granted to investors and set performance benchmarks in order to facilitate business and investor services. Commenting on the report and recommendations, one member said the number of SAGIA employees had decreased and consequently, there had been an adverse effect on its performance. The member called for the recruitment of qualified members.
A member said the Shoura Council had noticed that there were few available jobs for Saudis compared to non-Saudis in the investment licenses granted by SAGIA to foreign investors.
Another member asked about steps taken by SAGIA regarding the transfer and localization of technology as well as SAGIA’s plans about the distribution of investments in different parts of the Kingdom.
On other issues, the Shoura Council asked the irrigation and sanitation authority in Al-Ahsa to coordinate with the Saudi Commission of Tourism and National Heritage (SCTNH) to encourage the private sector to invest in major water supplies run by the authority.
This came following remarks made by members on the annual report of the irrigation and sanitation authority in Al-Ahsa for 1435/1436. The Shoura Council asked the authority to apply qualitative engineering methods in all its projects as well as in its operation and maintenance.