Tuesday 19 June 2018

Key projects: Saudi eases rules for foreign firms

Riaydh, August 19, 2014

Saudi Arabia has approved a number of steps that could ease the participation of major international companies in the kindgom's key projects, the official Saudi Press Agency has said.

The measures announced by the Cabinet yesterday will open the way for well-known foreign companies to work in the kingdom without the need for them to undergo rating procedures, said a Saudi Press Agency report.

The Cabinet authorised the Ministry of Municipal and Rural Affairs, in coordination with concerned government agencies, to prepare a list of well-known foreign companies that are involved in the construction, infrastructure, energy, information technology, maintenance and operation sectors.

It also said the Saudi Arabian General Investment Authority (Sagia) will register the companies mentioned on the list and qualify them according to the criteria and special controls, and grant them temporary certificates to implement a  governmental project. These certificates shall be considered as certificates of classification to compete for government projects, it said.

Meanwhile, Sagia has approved a series of measures to help the growth of the international companies wishing to expand and develop their investments in the kingdom.

A statement issued by the authority said the measures included the cancellation of Paragraph (3) of Article VIII of the Implementing Regulations of the foreign investment issued on 12/05/1435 AH, whose text said: "Requests for new licenses for companies to practice the same activity shall be treated as an expansion of the existing project ."

Tags: Sagia | Kingdom | Spa |

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