Saudi Arabia to list investments off limits to foreigners
Saudi Arabia is to announce a list of investments that are off limits to foreigners, a Saudi official said last Thursday.
Prince Abdullah Bin Faisal Bin Turkey, governor of the general investment corporation said the list has not yet been completed and that media reports on what investments foreigners would be prevent of are not accurate.
Unofficial reports said that the list includes petroleum excavating projects, insurance, and real estate investments in Mecca and Medina, the two holy cities in Saudi Arabia. The unofficial list also includes investment in communications, fishing, military gear, and media.
All projects dealing with the Muslim Haj, or pilgrimage will be off limits for foreigners, according to the unofficial list.
A Saudi economist speaking on condition of anonymity told Albawaba that part of the unofficial list was accurate. He confirmed that Saudi Arabia would prohibit foreign investment in the holy cities and all religious services. Investment in military gear will also be off limits to foreigners. The source said the list is not yet complete and changes to the list may occur.
The list has international, local, and regional economists on edge. The list will determine the fate of a large number of projects that foreign investors are planning to carry out in the kingdom. – (Albawaba-MEBG)