(MENAFN) Investment licenses for 62 foreign companies were cancelled by the Saudi Arabian General Investment Authority (SAGIA), Saudi Gazette reported.
SAGIA also prevented the companies from transferring the ownership of municipal registers, licenses or sponsorships.
The authority may cancel licenses for other companies in the future as the foreign investment market is under revision by SAGIA.
The Ministry of Interior suggested a supervision mechanism for foreign investors three months ago following complaints from governorates about foreign investors' violations.
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