(MENAFN - Arab News) The Saudi Arabian General Investment Authority (SAGIA) granted 224 licenses in 2013 and the value exceeds total foreign investments approved over the past 10 years, says a top official.
Adnan Al-Sharqi, secretary general of SAGIA, said the number of visas given to foreign investment ventures so far exceeded 310,000 while the number of Saudi employees stood at 90,000.
He said SAGIA stopped the activities of 849 foreign companies out of 9,000 that had been licensed since the authority was set up.
The authority will publish the names of all foreign investors, their nationalities and capital on its website, he added.
Al-Sharqi said the number of visas given to foreign investments exceeded 310,000 while the number of Saudi employees stood at 90,000.
"SAGIA changed foreign investment strategies through three stages and imposed stricter condition, and focused on added value as a cornerstone for granting foreign investment licenses," he said.
According to him, there are around 3,472 individual establishments, which make up 37 percent of the total number of foreign licenses. The number of foreign companies stand at 4,709 accounting for 50 percent. The number of foreign company branches stand at 1,184 (14 percent).
"We have rules and regulations to deal with any license issues. Companies can either amend their status or face closure," he said.
He said the minimum capital requirement had been lowered for most sectors. For instance, the authority sets the minimum capital to the retail sector at SR20 million and real estate at SR30 million.