Saudi government issues 467 permits for foreign capital based projects in 1Q 2002

Saudi Arabia’s General Investment Authority issued 467 permits in the first quarter of 2002 for the establishment of foreign capital-based projects, reported Al-Hayat. The total capital to be invested in these projects is estimated at 31 billion Saudi riyals ($8.3 billion). 

In addition, the Authority issued 317 investment permits for mixed capital projects, valued at SR 7.2 billion ($1.92 billion), of which four billion riyals is local capital and SR 3.16 billion is foreign capital.  

The Saudi consultative council (majlis al-shura) is currently reviewing a new tax law that would lower the corporate tax levied on foreign firms operating in the kingdom from 45 to 30 percent. — (menareport.com) 

© 2002 Mena Report (www.menareport.com)