dubai - Saudi Arabia may further ease restrictions on foreign ownership in the economy and overhaul the visa system as the kingdom seeks to draw investors to help reduce its reliance on oil exports.

The world's biggest oil exporter is considering allowing foreigners to own 100 per cent of a company in at least four more industries Mohanud Helal secretary general of the Economic Cities Authority said in an interview in Riyadh. Retail and wholesale will be opened fully from a 75 per cent limit now once rules are approved Abdullatif Al 0thman governor of the Saudi Arabian General Investment Authority said on Monday.

As oil prices plummet to around $30 a barrel authorities are racing to find alternatives to revenue from crude exports to finance a budget deficit of about 15 per cent of economic output.

Foreign investments in non-oil industries are also crucial to create jobs for Saudi nationals in the private sector in a country where youth unemployment stands at about 30 per cent. Almost 90 per cent of private-sector jobs created in five out of the six-nation Gulf Cooperation Countries between 2000 and 2010 went to expatriates according to the International Monetary Fund. Nationals filled over 70 per cent of public-sector jobs.

"The decision had already been made on some of the industries" Helal said. The Saudi Arabian General Investment Authority known as SAGIA has identified about four sectors in which full foreign ownership may be permitted he added without elaborating. Calls made to SAGIA after office hours weren't immediately returned.

The slump in oil prices has already pushed Saudi authorities to cut spending issue more debt and draw down the kingdom's foreign-currency reserves. Officials are also weighing plans to sell stakes in state-owned entities from hospitals to airports and even Saudi Arabian Oil Co the kingdom's biggest oil company known as Aramco.

The country is also reviewing its visa system by looking for ways to accelerate the process of issuing work and visit permits according to Helal who heads the regulatory body governing four economic cities including King Abdullah Economic City.

"It is a very important and much needed step" said Mohammed Alsuwayed the Riyadh-based head of capital and money markets at Adeem Capital. "We need foreign investors to contribute to the expansion of the Saudi economy specifically the private sector and for them to better understand what or where they are putting their money in they need to be allowed better access into the kingdom."

The kingdom last year started allowing direct foreign investments in its stock market the Arab world's biggest. The benchmark Tadawul All Share Index has dropped 36 per cent over the past year compared with a 27 per cent-decline in the MSCI Emerging Markets Index.

Authorities are looking at allowing visitors including pilgrims to visit landmarks in various parts of the country through tourist visas. Enabling workers to bring family in easily is another area which is being considered Helal said.

"These are all things that are being looked at as we speak today and very quickly we will hear how some things are quickly changing to further the invitation of the international community" he said.