Friday 10 July 2020

Sagia grants investment licences to Russian construction firms

RIYADH, October 15, 2019

The Saudi Arabian General Investment Authority (Sagia) has granted four investment licences to Russian companies operating in the construction and real estate development, administrative consultancy and information technology sectors.

The licences were handed to Kontakt, and Geopulsar – from the world of construction and engineering, P Group Saudi Arabia (Computer programming) and RS Investment Advisor (consultancy), said a statement from Sagia.

A total of 17 MoUs were signed between Saudi and Russian firms covering various sectors including energy, technology and transportation.

The prime ones were deals between Saudi Railway Company and its Russia counterpart; Saudi Technology Development and Investment Company (Taqnia) and Russian Direct Investment Fund for development of a platform to launch satellites.

These agreements are aimed at diversifying Saudi economy away from oil and are part of its economic reforms to enable rapid growth in foreign investments.-TradeArabia News Service


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